Auction clearance rates hold up

AUCTION clearance rates in Melbourne and Sydney are holding up, according to Australian Property Monitors' Home Price Guide.

And whilst Melbourne had fewer auctions and sales last Saturday when compared to the same Saturday last year, REIV figures show the value of properties sold exceeded the previous year. There were 589 reported auctions and 331 sales, resulting in a clearance rate of 73% – just 1% shy of the 52-week high clearance rate of 74%.

 

Last weekend sold $280.38 million worth of properties, which is higher than $248.1 million a year ago when 507 properties sales were recorded by the Home Price Guide.

 

Melbourne’s most expensive sale on Saturday was a four bedroom house in Hampton for $15.9 million and a two bedroom house in Kealba was the cheapest sale. Meanwhile REIV figures show there were 869 private sales over the weekend totalling $347.68 million.

 

Sydney reported 253 auctions and 183 sales which represents a clearance rate of 63.1%.Sydney is slowly catching up to last year, when 331 properties were auctioned and 197 were sold.

 

The Home Price Guide recorded $127.6 million worth of sales last Saturday and a four bedroom house in Strathfield was the most expensive item sold, fetching $2.71 million whilst the cheapest was a two bedroom unit in Bankstown for $190,500.

 

Adelaide recorded 15 auctions and eight sales totalling $2.6 million and Brisbane had 27 auctions and 10 sales totalling $4.8 million.

 

Australian Property Journal

 

Home Price Guide® Auction Results – MELBOURNE SUMMARY

	This Saturday 28 Feb 2009	Last Saturday 21 Feb 2009	This Saturday Last Year 1 Mar 2008
Total Listed for auction	591	446	927
Withdrawn	9	8	17
Unreported to date	412	93	171
Number Reported Auctioned	170	345	739
Number Passed in	53	78	223
Sold Prior	28	77	139
Sold Under the hammer	82	188	368
Total Number sold	110	265	507
Total Dollar value sold	$49.7M	$118.8M	$248.1M
Sold After	7	3	11
Clearance Rate	61.5%	75.1%	67.1%

52 Week hi – 74%
52 Week low – 40%

Dearest:
73 Thomas St, Hampton. 4 br house. RT Edgar Brighton $1,595,500

Cheapest:
2/250-254 Sunshine Av, Kealba. 2 br house. Barry Plant Taylors Lakes $215,500

 

Home Price Guide® Auction Results – SYDNEY SUMMARY

	This Saturday 28 Feb 2009	Last Saturday 21 Feb 2009	This Saturday Last Year 1 Mar 2008
Total Listed for auction	358	295	393
Withdrawn	37	27	51
Unreported to date	68	13	11
Number Reported Auctioned	253	255	331
Number Passed in	68	78	130
Sold Prior	52	46	74
Sold Under the hammer	131	129	123
Total Number sold	183	175	197
Total Dollar value sold	$127.6M	$105.4M	$147.8M
Sold After	2	3	6
Clearance Rate	63.1%	62.1%	51.6%

52 Week hi – 71%
52 Week low – 40%

Dearest:
21 Kingsland Rd, Strathfield. 4 br house. Georges Ellis & Co $2,715,000

Cheapest:
8/166 Greenacre Rd, Bankstown. 2 br unit. Professionals Bankstown $190,500

 

Home Price Guide® Auction Results – ADELAIDE SUMMARY

	This Saturday 28 Feb 2009	Last Saturday 21 Feb 2009	This Saturday Last Year 1 Mar 2008
Total Listed for auction	19	15	84
Withdrawn	1	0	0
Unreported to date	3	3	3
Number Reported Auctioned	15	12	81
Number Passed in	7	7	22
Sold Prior	4	1	15
Sold Under the hammer	4	4	43
Total Number sold	8	5	58
Total Dollar value sold	$2.6M	$2.3M	$25.7M
Sold After	0	0	1
Clearance Rate	50.0%	41.7%	71.6%

52 Week hi – 100%
52 Week low – 11%

Dearest:
16 Hythe St, Ridleyton. 3 br house. Ray White Woodville $530,000

Cheapest:
41 Rowells Rd, Lockleys. 3 br house. LJ Hooker Henley Beach $370,000

 

Home Price Guide® Auction Results – BRISBANE SUMMARY

	This Saturday 28 Feb 2009	Last Saturday 21 Feb 2009	This Saturday Last Year 1 Mar 2008
Total Listed for auction	49	56	80
Withdrawn	6	2	2
Unreported to date	16	5	6
Number Reported Auctioned	27	49	72
Number Passed in	16	28	34
Sold Prior	3	4	15
Sold Under the hammer	7	15	21
Total Number sold	10	19	36
Total Dollar value sold	$4.8M	$8.7M	$20.7M
Sold After	2	3	2
Clearance Rate	30.3%	37.3%	48.6%

52 Week hi – 48%
52 Week low – 0%

Dearest:
20 Plymouth Ct, Cleveland. 5 br house. LJ Hooker Cleveland $1,925,000

Cheapest:
4 Kelunji Ct, Beachmere. 2 br house. LJ Hooker Caboolture $265,000

 

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 2009. This report is compiled by Australian Property Monitors.