The traditional November busy period for Australia’s property market has seen considerable drop in year-on-year clearance rates and median weekly housing prices fluctuating compared to last month.
Six months of rising interest rates has certainly played its part to quash the unprecedented property boom phenomenon we’ve seen in the last three years.
The discrepancy of year-on-year clearance rates in November cleared more than 20 per cent less in all three major eastern cities.
While this may be alarming for the industry, in fact, it is showing the shift in the consumer approach to property transactions.
We are seeing lower clearance rates, with sale contracts staying longer timespans in market as purchasers continue to research and conduct due diligence on their options.
November clearance rates & trends
Data reported below is according to Australian property market auction results recorded by Domain.com.au.
Sydney
Auction rates are accurate of 12, November 2022. Sydney saw a 55 per cent clearance rate at the weekend, down from 75 per cent this time last year. Auctions in scheduled reached 669, with 544 results officially reported and 299 sold.
October rates – Compared to the similar week in October, auction rates in Sydney saw a 60 per cent clearance rate at the weekend, down from 74 per cent the same time last year. Auctions scheduled marginally declined reached 557, with 465 that had results officially reported, but finished with 278 sold.
Melbourne
Auction rates are accurate of 19, November 2022. Melbourne saw a 58 per cent clearance rate at the weekend, down from 69 per cent this time last year. Auctions in scheduled reached 872, with 645 results officially reported and 371 sold.
The November figures dropped in all categories from a busy October, with auction rates of Melbourne showing a 64 per cent clearance rate during that weekend, down from 75 per cent in the same time last year. Auctions scheduled reached a month-high 1050, with 825 results officially reported and 581 sold.
Brisbane
Auction rates are accurate of 12, November 2022. Brisbane saw a 34 per cent clearance rate at the weekend, down from 86 per cent this time last year. Auctions in scheduled reached 81, with 67 results officially reported and 23 sold.
Figures stayed relatively unchanged in the month prior in October 2022, while still showing a dramatic decrease from the year prior. Brisbane saw a 38 per cent clearance rate at that weekend, down from 69 per cent this time last year. Auctions scheduled reached 91, with 61 results officially reported and 23 sold.
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