This article is from the Australian Property Journal archive
THE latest interest rate cut has provided some spark to the weekend auction market with strong clearance rates recorded across the major capital cities.
Sydney recorded a clearance rate of 79.4% from 393 listings, 287 auctions and 246 sales totalling $258.2 million last Saturday, according to Domain’s Australian Property Monitors.
Domain chief economist Andrew Wilson said the market was bolstered by the new record official interest rate of 1.5%.
“Sydney recorded its highest weekend clearance rate for two months and its third highest of the year so far with an unequivocally strong 79.4%. This was well clear of last week’s 75.7% result and also well ahead of the 75.7% recorded over the same weekend last year.
“And the Sydney market is also now tracking higher than over the same time last year for the first time in 2016,” he added.
In the previous weekend, the clearance rate was 70.1% from 396 listings, 331 auctions and 260 sales totalling $247.3 million.
Although the headline clearance rate was higher than the same weekend last year, activity was down on last year’s 851 listings, 765 auctions and 601 sales totalling $744.3 million.
Wilson said low auction numbers remain a challenge for the market.
“Auction numbers, although set to rise gradually over coming weekends, will likely remain well below last year’s boom-time record numbers. Listings will be similar to the 2014 and 2013 pre-spring markets,” he added.
According to APM, Sydney recorded a median auction price of $1,191,000 on Saturday, which was just below the $1,208,000 recorded the previous weekend. Saturday’s median was, however, 8.3% higher than the $1.1 million recorded over the same weekend last year.
In Melbourne, a clearance rate of 77% was recorded on the weekend from 573 auctions and 441 property sales totalling $406.67 million, according to the REIV.
The 77% clearance rate was recorded in the previous weekend from 674 auctions and the same weekend last year from 968 auctions.
Wilson said Melbourne recorded a median auction price of $777,500 on Saturday, higher than the $750,000 reported last weekend, but 5.3% lower than the $821,000 recorded over the same weekend last year.
According to APM, Canberra recorded 39 listings, 36 auctions and 25 sales totalling $14.74 million. Brisbane had 93 listings, 58 auctions and 32 sales totalling $18.39 million. Adelaide reported 40 listings, 14 auctions and 11 sales totalling $4.68 million.
| Auction highlights this week Saturday, 6 August 2016 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 31 Hezlet St, Chiswick NSW 2046, 4 br House, PRB Real Estate | $4,505,000 |
| Melbourne | 9 Victoria Av, Canterbury VIC 3126, 3 br House, Kay & Burton l 101 Maling Road | $4,110,000 |
| Adelaide | 232 Cross Rd, Unley Park SA 5061, 3 br House, Cocks Auld Real Estate | $1,000,000 |
| Brisbane | 243 Wynnum Esp, Wynnum QLD 4178, 4 br House, The Re/max Collection | $1,610,000 |
| Canberra | 98 Dunstan St, Curtin ACT 2605, 5 br House, IPG Woden Weston Creek | $1,225,000 |
| Most affordable | ||
| Sydney | 47 Emu Dr, San Remo NSW 2262, 2 br House, Sorensen Real Estate | $365,000 |
| Melbourne | 3/239 Canterbury Rd, St Kilda VIC 3182, 1 br Unit, Gary Peer & Associates | $211,000 |
| Adelaide | 18 Shaftsbury St, Eden Hills SA 5050, 3 br House, RW Blackwood | $361,000 |
| Brisbane | 17 Cowie St, Deebing Heights QLD 4306, 4 br House, RW Ipswich | $368,000 |
| Canberra | 16/11 Flack St, Holt ACT 2615, 3 br Townhouse, LJH Belconnen | $390,000 |
Australian Property Journal
