Residential auctions in the doldrums

THE residential property auction markets in Sydney and Melbourne remain in the doldrums.

According to Australian Property Monitors’ Home Price, the auction clearance rate in Sydney remained below 50%, whilst Melbourne’s was just under 60%.

 

In Sydney last Saturday, there were 226 properties auctions and 144 sales – resulting in a clearance rate of 46.5%. In addition, Sydney reported less than $100 million in sales, raking in $93.9 million.

 

The same time a year ago, there were 332 auctions, 236 sales and sales totalled $201.4 million.

 

Meanwhile, the most expensive property sold on the weekend was a six bedroom house in Burwood for $4.05 million.

 

Melbourne’s market rebounded last Saturday, but that was from low a week earlier. On the weekend, 676 properties went under the hammer and 397 were sold, resulting in a clearance rate of 58.5%.

 

The most expensive property sold was a four bedroom house in Balwyn for $2.94 million.

 

Adelaide auctioned 32 properties and sold 19, totalling $10.5 million.

 

Brisbane auctioned 43 properties and sold nine for a total of $5.6 million.

 

Australian Property Journal

 

Home Price Guide® Auction Results – SYDNEY SUMMARY

	This Saturday 10 May 2008	Last Saturday 3 May 2008	This Saturday Last Year 12 May 2007
Total Listed for auction	336	429	371
Withdrawn	44	65	21
Unreported to date	26	15	18
Number Reported Auctioned	266	349	332
Number Passed in	118	158	96
Sold Prior	51	56	96
Sold Under the hammer	93	134	140
Total Number sold	144	190	236
Total Dollar value sold	$93.9M	$137.8M	$201.4M
Sold After	4	3	0
Clearance Rate	46.5%	45.9%	66.9%

52 Week hi – 69%
52 Week low – 0%

Dearest:
14 Appian Wy, Burwood. 6 br house. Georges Ellis & Co $4,050,000

Cheapest:
11/67 MacDonald St, Lakemba. 2 br unit. Ralph First Real Estate $175,500

 

Home Price Guide® Auction Results – MELBOURNE SUMMARY

	This Saturday 3 May 2008	Last Saturday 26 Apr 2008	This Saturday Last Year 5 May 2007
Total Listed for auction	810	327	633
Withdrawn	3	5	7
Unreported to date	131	47	46
Number Reported Auctioned	676	275	580
Number Passed in	274	98	105
Sold Prior	86	33	117
Sold Under the hammer	311	142	347
Total Number sold	397	175	464
Total Dollar value sold	$217.1M	$84.2M	$221.9M
Sold After	5	2	12
Clearance Rate	58.5%	62.5%	79.0%

52 Week hi – 90%
52 Week low – 0%

Dearest:
114 Yarrbat Av, Balwyn. 4 br house. Noel Jones Real Estate Balwyn $2,945,000

Cheapest:
2/47 Appian Dr, Albanvale. land. Bells Real Estate Sunshine $66,500

 

Home Price Guide® Auction Results – ADELAIDE SUMMARY

	This Saturday 10 May 2008	Last Saturday 3 May 2008	This Saturday Last Year 12 May 2007
Total Listed for auction	44	53	66
Withdrawn	0	2	2
Unreported to date	12	4	2
Number Reported Auctioned	32	47	62
Number Passed in	13	18	22
Sold Prior	0	11	9
Sold Under the hammer	19	18	31
Total Number sold	19	29	40
Total Dollar value sold	$10.5M	$11.5M	$18.5M
Sold After	0	0	4
Clearance Rate	59.4%	59.2%	62.5%

52 Week hi – 100%
52 Week low – 0%

Dearest:
58 Commercial Rd, Hyde Park. 4 br house. Cocks Auld Real Estate $1,460,000

Cheapest:
32 Billabong Rd, Para Hills. 3 br house. Brock Harcourts Playford $290,000

 

Home Price Guide® Auction Results – BRISBANE SUMMARY

	This Saturday 10 May 2008	Last Saturday 3 May 2008	This Saturday Last Year 12 May 2007
Total Listed for auction	65	60	56
Withdrawn	2	5	2
Unreported to date	20	4	2
Number Reported Auctioned	43	51	52
Number Passed in	34	36	21
Sold Prior	2	5	13
Sold Under the hammer	7	9	17
Total Number sold	9	14	30
Total Dollar value sold	$5.6M	$9.6M	$12.6M
Sold After	1	1	1
Clearance Rate	20.0%	25.0%	55.6%

52 Week hi – 66%
52 Week low – 0%

Dearest:
38 Panorama St, Ashgrove. 4 br house. Harcourts Inner West $1,450,000

Cheapest:
Lot 25 Rawson St, Wooloowin. land. Century 21 City Northside $400,000

Note: The Clearance Rate is the percentage of properties sold under the hammer or prior to auction compared to the total number of reported auctions plus properties withdrawn from auction.

 

Source: www.homepriceguide.com.au. Copyright Australian Property Monitors 2008.