August auction report: Hottest winter under the hammer on record

author-avatar By 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City Clearance Rate Auctions Scheduled Auction Sold Passed In Sold Prior Withdrawn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City Clearance Rate Sold Prior Withdrawn Median Price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City Clearance Rate Sold Prior Withdrawn Median Price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This often leads to a higher than normal proportion of reported auctions that are sold prior and a spike in reported withdrawn auctions.


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

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%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

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

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
WIN YOUR HOME LOAN INTEREST FREE

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • WIN your home loan interest free and save up to $1.1 million. Refinance by 29 October. T&Cs apply.
  • Refinance Only. Fast online application, refinance in minutes, not weeks.
  • No Nano fees, Free 100% offset sub account. Mobile app. Visa debit card & instant payments.
WIN YOUR HOME LOAN INTEREST FREE

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • WIN your home loan interest free and save up to $1.1 million. Refinance by 29 October. T&Cs apply.
  • Refinance Only. Fast online application, refinance in minutes, not weeks.
  • No Nano fees, Free 100% offset sub account. Mobile app. Visa debit card & instant payments.
VariableMore details
YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*

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

  • For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & be approved by Dec 15
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*

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

  • For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & be approved by Dec 15
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
VariableMore details
AN EASY ONLINE APPLICATION

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
AN EASY ONLINE APPLICATION

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
VariableMore details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services

Rates correct as of September 27, 2021. 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 which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

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.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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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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