Domain has released its Auction Report for April, showing clearance rates in Sydney and Melbourne have declined slightly after the multi-year highs of the previous month.
In addition, the report found Canberra clearance rates have reached a record high, with house clearances passing 90 per cent for two consecutive months.
The report also showed house clearance rates continued to outperform units across the country.
In Sydney, the combined clearance rate for houses and units was 75.3 per cent in April, with 33.5 per cent sold prior to auction and 15.3 per cent withdrawn. The median price obtained was $1.65 million for houses and $990,000 for units.
“Sydney’s auction clearance rate eased in April to 75.3 per cent, 6.1 percentage points lower than the almost six-year high reached in March,” Domain’s Senior Research Analyst Dr Nicola Powell said.
“This breaks the momentum in clearance rate advancement that spanned nearly a year and reached a peak above 80 per cent for two consecutive months.
“That said, this is the strongest result for the month of April since 2015, at a time when auction prices soared annually by double-digits.”
The combined clearance rate in Melbourne for April was 69.9 per cent, with 20.7 per cent sold prior to auction and 14.2 per cent withdrawn. Houses fetched a median price of $999,999, with unit values reaching $685,000.
Like Sydney, the Victorian capital also experienced a decline in clearance rates in April from the previous multi-year highs of the preceding months.
“Auction volumes (in Melbourne) dropped in April compared to March, as anticipated as the public holidays throughout the month distract buyers and sellers momentarily,” Dr Powell said.
“Although, it was the largest volume of auctions scheduled over the month of April since 2018.”
In Canberra, combined clearance rates reached 88.7 per cent in April, with house clearances hitting 91.9 per cent. The median price obtained for houses was $945,000, and $645,000 for units.
“Canberra’s auction market hit a milestone in April, achieving the highest clearance rate since Domain records began in 1999, at 88.7 per cent,” Dr Powell said.
“This is marginally higher than March’s clearance rate at 88.6 per cent.
“It is rare to record a monthly clearance rate above 80 per cent. It has occurred only six times since Domain records for Canberra began.
“Monthly rates have held above 80 per cent for three consecutive months, highlighting the extraordinary performance of the local auction market and competitive conditions prospective buyers face.”
Elsewhere, Brisbane had a combined clearance rate of 70.2 per cent, with houses fetching a median of $885,000 and units $540,000.
In Adelaide, the combined clearance rate was 73.1 per cent, with a median price iof $711,500 for houses and $657,500 for units.
