Source: Australian Property Journal
AUCTION clearance rates and sale volumes have continued to decline as the market shows signs of cooling after a heated month of March.
Sale volumes dipped below the $1 billion mark on the weekend for the first time since 27 February when the market began to pick up in the lead up to Easter.
According to Domain, there were 1,721 listings, 1,223 auctions and 981 sales were reported, resulting in a preliminary clearance rate of 80.2%.
Sales totalled $884.3 million and the median house and unit sale prices were $1,100,000 and $786,000.
The market continued the downward trend and is lower the previous weekend's 75.2% when 2,057 homes were listed, 1,914 were auctioned and 1,440 sold totalling $1.30 billion.
Sales have begun to decline after peaking around $2 billion on the Super Saturday on 27 March, prior to the Easter long weekend holiday.
AMP Capital chief economist Shane Oliver said clearances and sales are down from March high, but they are still strong.
He pointed out that the five capital city house price growth is 1.4% to date in April, which translates to a monthly rate of 1.8% down 2.8% in March, which was a 33-year record high.
To date in April, house prices are up:
Oliver said this suggests along with clearances that the market is cooling, which was inevitable.
This time last year, the COVID-19 lockdown meant only 91 homes were listed, 94 were auctioned and 26 sold for $29.4 million.
Brisbane reported a 81% rate from 64 listings, 48 auctions and 39 sales, according to Domain. Volumes totalled $25.622 million and the median sale price was $870,000.
Across Queensland, the rate was 76% from 241 listings, 99 auctions and 75 sales, according to Corelogic, which also reported 1,263 private sales.
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