Auctions slip back to old habits

SYDNEY's residential auction market has returned to its old ways last Saturday following a short lived jump a week earlier.

According to Australian Property Monitors’ Home Price Guide, 182 properties went under the hammer on the weekend and 101 were sold – representing a clearance rate of 47.6%. Last week, there were 213 auctions and 133 sales representing a clearance rate of 55%.

 

Sydney sold $84.6 million worth of properties and a four bedroom house in Strathfield was the most expensive property sold at $2.2 million, the cheapest was a two bedroom unit in Lakemba for $164,500.

 

Meanwhile for some strange reason Melbourne real estate agents have lagged reporting the weekend results since the auction market began to slowdown. The Home Price Guide shows 228 results remain unreported 24 hours following the event.

 

So based on the data at hand, 164 properties were auctioned on the weekend and 80 sold totalling $30.4 million.

 

In Adelaide, there were 24 auctions and 13 sales totalling $4.6 million and Brisbane had 43 properties go under the hammer and just 12 sold totalling $9.3 million.

 

Australian Property Journal

 

Home Price Guide® Auction Results – SYDNEY SUMMARY

	This Saturday 9 Aug 2008	Last Saturday 2 Aug 2008	This Saturday Last Year 11 Aug 2007
Total Listed for auction	245	251	270
Withdrawn	30	29	14
Unreported to date	33	9	17
Number Reported Auctioned	182	213	239
Number Passed in	79	77	65
Sold Prior	32	39	61
Sold Under the hammer	69	94	111
Total Number sold	101	133	172
Total Dollar value sold	$62.0M	$84.6M	$132.1M
Sold After	2	4	2
Clearance Rate	47.6%	55.0%	68.0%

52 Week hi – 69%
52 Week low – 40%

Dearest:
62 Wallis Av, Strathfield. 4 br house. Georges Ellis & Co $2,200,000

Cheapest:
9/578-580 Punchbowl Rd, Lakemba. 2 br unit. Latash Prop Wiley Park $164,500

 

Home Price Guide® Auction Results – MELBOURNE SUMMARY

	This Saturday 9 Aug 2008	Last Saturday 2 Aug 2008	This Saturday Last Year 11 Aug 2007
Total Listed for auction	398	472	566
Withdrawn	7	3	8
Unreported to date	228	68	37
Number Reported Auctioned	163	401	521
Number Passed in	78	170	97
Sold Prior	29	53	101
Sold Under the hammer	51	171	319
Total Number sold	80	224	420
Total Dollar value sold	$30.4M	$106.4M	$215.7M
Sold After	6	10	10
Clearance Rate	47.1%	55.4%	79.4%

52 Week hi – 90%
52 Week low – 40%

Dearest:
9 Olive St, Hampton. 3 br house. Hodges Sandringham $1,040,000

Cheapest:
10/13 Church St, Campbellfield. 1 br unit. Stockdale & Leggo Real Estate Glenroy $127,000

 

Home Price Guide® Auction Results – ADELAIDE SUMMARY

	This Saturday 9 Aug 2008	Last Saturday 2 Aug 2008	This Saturday Last Year 11 Aug 2007
Total Listed for auction	35	40	57
Withdrawn	2	2	0
Unreported to date	9	3	3
Number Reported Auctioned	24	35	54
Number Passed in	10	19	8
Sold Prior	4	3	17
Sold Under the hammer	9	12	29
Total Number sold	13	15	46
Total Dollar value sold	$4.6M	$9.2M	$15.2M
Sold After	2	2	0
Clearance Rate	50.0%	40.5%	85.2%

52 Week hi – 100%
52 Week low – 28%

Dearest:
12a St Peters St, St Peters. 3 br house. Newmark Real Estate Pty Ltd $550,000

Cheapest:
5/6 Redmond St, Collinswood. 2 br unit. LJ Hooker Walkerville $280,000

 

Home Price Guide® Auction Results – BRISBANE SUMMARY

	This Saturday 9 Aug 2008	Last Saturday 2 Aug 2008	This Saturday Last Year 11 Aug 2007
Total Listed for auction	73	64	85
Withdrawn	9	12	6
Unreported to date	21	2	13
Number Reported Auctioned	43	50	66
Number Passed in	30	31	26
Sold Prior	3	9	14
Sold Under the hammer	9	9	22
Total Number sold	12	18	36
Total Dollar value sold	$9.3M	$8.3M	$13.6M
Sold After	2	3	5
Clearance Rate	23.1%	29.0%	50.0%

52 Week hi – 66%
52 Week low – 0%

Dearest:
10 Glenfield St, West End. 5 br house. First National Metro $1,580,000

Cheapest:
34 Erneton St, Newmarket. 3 br house. Ray White Wilston $462,500

 

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.