This article is from the Australian Property Journal archive
AFTER putting on a warm-up act at the start of the month, the residential property market auction was in full swing last weekend with Sydney recording boom-time results.
In Sydney it was not only the temperature that was rising, the auction market posted a hot clearance rate of 84.3%, according to Domain’s Australian Property Monitors.
According to APM, there were 543 listings on the weekend and 367 properties went under the hammer with 335 sales totalling $33.19 million.
The market has accelerated since the start of the auction season at the beginning of this month, where the clearance rate was 71.4% from 231 listings, 185 auctions and 147 sales totalling $141.8 million.
Sydney is off to a stronger start than last year, where the clearance rate was 70.6% from 347 listings, 313 auctions and 243 sales totalling $273.2 million.
Domain chief economist Andrew Wilson said it was a stunning result in spite of the record summer heat.
He added that it was a remarkable boom-time clearance rate.
“The only thing hotter than Sydney’s record-breaking summer temperatures was the seemingly irresistible local auction market, however, another big test awaits next weekend with nearly 700 homes set to go under the hammer,” Wilson said.
According to APM, inner suburban regions were again the top performers with the highest clearance rate recorded by the lower north of 94.6%, followed by the inner west with 93.3% and the most sales at 56, the city and east with 88.1%, Canterbury Bankstown with 83.3%, the central coast with 82.4%, the upper north shore with 82%, the south west with 81.8%, the northern beaches with 79.5%, the south and the north west each with 78.3%, the west with 68.4% and the Blue Mountains with a 50% clearance rate.
Sydney recorded a median auction price of $1.2 million on Saturday, which was higher than the $1.1 million reported the previous weekend and 15.2% higher than the $1,041,500 recorded over the same weekend last year.
Melbourne also recorded a strong clearance rate of 81% last weekend with 444 auctions reported and 361 sales, according to the REIV. In the previous weekend, the clearance rate was 78% from 268 auctions.
REIV president Joseph Walton said Melbourne has experienced solid auction volumes in the past fortnight, as the 2017 auction season gets underway.
The clearance rate is higher than the 74% recorded last year, although more properties (536) went under the hammer.
Last weekend the total value of auction sales was $275.12 million. There were also 329 homes that sold privately totalling $203.65 million. According to the REIV, the median apartment price achieved was $640,000, median house price was $765,000 and the median vacant land sold was $662,500.
According to APM, the overall Melbourne median auction price was $752,500 on the weekend, which was higher than the $652,500 reported the previous weekend and 6% higher than the $710,000 recorded over the same weekend last year.
Wilson said the Melbourne market continues to track at remarkably consistent levels and clearly remains a positive market overall for sellers. Weekend auction clearance rates averaged 79.6% over the spring selling season last year and early indications are the autumn season will likely produce similar results.
“The Melbourne auction market continues to pass its early year tests but next weekend sellers will have significantly more competition and buyers considerably more choice. Nearly 900 homes are due to go under the hammer which will be approaching double the number listed on Saturday,” Wilson added.
Canberra recorded a clearance rate of 79% from 69 listings and 57 auctions, with 45 properties selling under the hammer. The total value of auction sales was $29.31 million and the median price was $707,000.
Brisbane had 105 listings and 46 homes were auctioned resulting in 29 sales totalling $20.92 million and a clearance rate of 63%. The median price recorded was $726,000.
Adelaide recorded a clearance rate of 79% with 73 listings, 38 auctions and 30 sales reported. The total value of sales was $14.2 million and the median was $605,000.
| Auction highlights this week Saturday, 11 February 2017 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 45 Bareena St, Strathfield NSW 2135, 5 br House, LJH Strathfield | $4,175,000 |
| Melbourne | 1 Foch St, Ormond VIC 3204, House, Gary Peer & Associates | $1,922,000 |
| Adelaide | 3 South St, Henley Beach SA 5022, 5 br House, Ouwens Casserly | $1,210,000 |
| Brisbane | 30 Long St W, Graceville QLD 4075, 4 br House, Belle Property Sherwood | $2,320,000 |
| Canberra | 69 MacKenzie St, Hackett ACT 2602, 5 br House, One Agency Crane Properties – GUNGA | $1,246,000 |
| Most affordable | ||
| Sydney | 4 Clifton Av, Faulconbridge NSW 2776, 1 br House, Lister & Cole Estate Agents Springwood | $290,000 |
| Melbourne | 8/21 Hampton Pde, West Footscray VIC 3012, 1 br Unit, Sweeney Footscray | $241,000 |
| Adelaide | 10 Scales Av, Pooraka SA 5095, 4 br House, One Direction Real Estate | $366,000 |
| Brisbane | 14 Glenealy St, Bracken Ridge QLD 4017, 3 br House, LJH Clayfield | $410,000 |
| Canberra | 29 Alleyne Cl, MacGregor ACT 2615, 3 br House, Luton Properties – Kippax | $400,000 |
Australian Property Journal
