Pete Wargent blogspot

PERSONAL COACH | PROPERTY BUYER | ANALYST

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Sunday, 28 May 2017

Another bumper weekend

Sydney and Melbourne motor on

It was another big weekend for Sydney auctions, with a preliminary clearance rate of 76 per cent reported by both Domain and CoreLogic.

Domain had reported 548 auction results, but quite a large number remained unreported. 

The median price of property sold at auction was $1,290,000.  


The median auction price for houses ($1,551,000) was 6 per cent or $86,000 higher than for the corresponding week last year ($1,465,000). 

Meanwhile, the median auction price for units ($885,000) was 3 per cent or $27,500 higher than the same week in the prior year. 

The preliminary clearance rate in Melbourne was a notch stronger at 77 per cent.

The final clearance rates will likely be closer to 70 per cent as the results dribble in.

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The Vivid Festival is back in town in Sydney this week.

There's huge fortnight of news ahead, culminating in the Australian National Accounts for the March quarter on June 7. 

Australia is all set to break Holland's record for the longest uninterrupted spell without a technical recession at 26 years or 103 consecutive quarters.

That said, the first quarter saw construction and export levels drop sharply - partly due to Cyclone Debbie - so there's a fair chance that the economy contracted over the first three months of the year.