This article is from the Australian Property Journal archive
AFTER posting the highest clearance rate since July last year, the Sydney residential auction market recorded a weaker result last Saturday.
According to Domain’s Australian Property Monitors, a clearance rate of 77.3% was recorded last weekend from 573 listings, 386 auctions and 320 sales totalling $296.4 million.
The clearance rate was down from the 80.3% recorded in the previous weekend where there were 505 listings, 417 auctions and 345 sales totalling $334.5 million.
It is also well below the strong rate of 84.3% recorded in the same weekend last year, from 762 listings, 678 auctions and 606 sales totalling $741.3 million, according to APM.
Melbourne’s auction market continues to produce a consistent result, according to the REIV.
Last weekend a clearance rate of 75% was recorded from 631 auctions and 472 sales. The total value of auction sales was $441.12 million.
At the same time, there were 321 private sales totalling $209.38 million.
APM’s chief economist Andrew Wilson said the city’s clearance rates have remained remarkably steady over autumn, however signs are emerging of a decline in the number of homes scheduled to go under the hammer.
Last weekend’s clearance rate was higher than the previous weekend’s of 72% where there were more properties going under the hammer (789 auctions).
In the same weekend last year, there were 1050 auctions and the clearance rate was 75%.
“Lower interest rates this month have failed to produce a noticeable spike in activity and the prospect of a possible post-election change to negative gearing for investors also seems to have had a benign impact on the market,” he added.
In other capital cities, Adelaide reported 64 listings, 33 auctions and 22 sales totalling $10.81 million, according to APM.
Brisbane had 90 listings 42 auctions and 26 sales totalling $14.48 million.
Finally, Canberra had 56 listings, 51 auctions and 37 sales totalling $26.54 million.
| Auction highlights this week Saturday, 21 May 2016. Source: APM | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 47 Newton Rd, Strathfield NSW 2135, 7 br House, Devine RE | $6,825,000 |
| Melbourne | 66 Champion St, Brighton VIC 3186, 4 br House, Nick Johnstone | $3,900,000 |
| Adelaide | 7 Euston Av, Highgate SA 5063, 4 br House, HAR Venn Millar | $1,160,000 |
| Brisbane | 25 Sargent St, New Farm QLD 4005, 3 br House, RW – New Farm | $1,375,000 |
| Canberra | 4 Holder St, Turner ACT 2612, 4 br House, LJH Commercial Canberra | $1,655,000 |
| Most affordable | ||
| Sydney | 13 Amaroo Cl, Blue Haven NSW 2262, 3 br House, Sorensen Real Estate | $348,000 |
| Melbourne | 5 Kirra Ct, Kurunjang VIC 3337, 4 br House, PRDNationwide Melton | $283,000 |
| Adelaide | U7/6 Radnor Av, Rostrevor SA 5073, 1 br Unit, LJH Salisbury | $209,000 |
| Brisbane | 128 Patricks Rd, Arana Hills QLD 4054, 3 br House, LJH Everton Park | $376,000 |
Australian Property Journal
