August auction report: Hottest winter under the hammer on record

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on September 03, 2021
August auction report: Hottest winter under the hammer on record

Domain's Auction Report for August shows record high auction prices in capital cities.

Despite a month of strict lockdowns and no onsite auctions in many states, high demand and competition drove strong auction outcomes across all capital cities. 

Sydney, Brisbane and Canberra's clearance rates were the highest for the month of August on record. 

Median house auction prices reached record highs in Sydney and Melbourne, with Brisbane, Canberra and Adelaide close to all-time highs. 

Auction Performance August 2021

City Clearance Rate Auctions Scheduled Auction Sold Passed In Sold Prior Withdrawn
Sydney 77.3% 2272 1737 155 46.5% 15.8%
Melbourne 52.5% 4138 1526 121 28.3% 43.4%
Brisbane 60.1% 546 323 151 24.8% 11.7%
Adelaide 71.2% 538 371 111 13.2% 7.5%
Canberra  83.6% 368 255 15 30.8% 11.5%

Houses Auction Performance August 2021

City Clearance Rate Sold Prior Withdrawn Median Price
Sydney 78.3% 43.1% 14.2% $1,918,500
Melbourne 54.7% 28.5% 41.5% $1,193,750
Brisbane 63.6% 25.3% 10.9% $990,000
Adelaide 72.2% 13.8% 6.7% $729,000
Canberra  84.9% 29.8% 10.2% $1,000,000

Units Auction Performance August 2021

City Clearance Rate Sold Prior Withdrawn Median Price
Sydney 75.2% 54.0% 19.2% $1,113,500
Melbourne 44.7% 27.4% 49.7% $730,000
Brisbane 35.8% 20.9% 17.9% $557,500
Adelaide 59.5% 7.1% 16.7% $500,000
Canberra  78.3% 35.0% 16.7% $700,000

Auction volumes dropped significantly in Sydney and Melbourne due to lockdowns, which in turn boosted clearance rates. 

Adelaide's clearance rate was the highest for an August month since 2007, with the City of Churches experiencing the highest volume of auctions for August on record.

In Melbourne, private inspections were banned, which saw hesitant sellers withdraw from auctions.

Houses continue to outperform unit clearance rates across Sydney, Melbourne, Brisbane, Adelaide and Canberra, signalling a further 'divergence'.  

Looking ahead to the start of the Spring auction season, Domain predicts that auctions will continue to impact private inspections. 

This often leads to a higher than normal proportion of reported auctions that are sold prior and a spike in reported withdrawn auctions.


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Lender
Advertised rate Comparison rate* Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

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Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

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  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
ZERO APPLICATION FEESFEE FREE OFFSET

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

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  • No upfront or ongoing fees
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  • Automatic rate match
  • No upfront or ongoing fees
FixedMore details
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

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  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Variable Owner Occupied, Principal and Interest (Refinance Only)(LVR <75%)

  • No application or ongoing fees.
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  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
REFINANCE IN MINUTES, NOT WEEKS

Variable Owner Occupied, Principal and Interest (Refinance Only)(LVR <75%)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.

Rates correct as of January 24, 2022. View disclaimer.


Image by Maria Ziegler via Unsplash

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.

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