Auction clearance rates dip as housing boom slows
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Auction clearance rates dipped slightly in Sydney and Melbourne over the past week in a sign that the record-breaking housing surge may be slowing.
In both capital cities, lower auction clearance rates were recorded even though there were fewer homes listed for sale compared with a week ago.
This two-bedroom apartment in St Leonards sold $161,000 above the reserve for $1.656m
Sydney recorded a preliminary auction clearance rate of 82.1 per cent across 777 auctions, compared with last week’s preliminary figure of 84.8 per cent, later revised down to 81.5 per cent, according to CoreLogic.
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In the middle of one of the most jaw-dropping property booms in decades, it is refreshing to hear that not every seller is making a motza from their real estate. Take billionaire pub magnate Chris Morris and his wife, Sharron Sills, who have copped a loss on their Milsons Point penthouse this week.
The couple paid $8 million for their crash pad in the Latitude building at the peak of the local apartment market in 2017, making them immediate neighbours to the super-spread next door owned by Nicole Kidman and Keith Urban.
Chris Morris owns hospitality and tourism operator Colonial Leisure Group.