This article is from the Australian Property Journal archive
THERE was no evidence of the winter blues at the weekend auction market.
Solid clearance rates were recorded in Sydney, Melbourne, Canberra and Adelaide due to the lower number of properties on offer.
Sydney
Sydney’s clearance rate improved markedly last weekend, rising for the fourth weekend in a row to 73.1%, according to Domain’s Australian Property Monitors.
There 479 listings and 331 homes were reportedly auction of which 275 sold, totalling $269.2 million. The median house and unit sale price was $1,270,000 and $890,500.
The previous weekend’s clearance rate was 71.5% there were 500 listings, 396 auctions and 298 sales totalling $309.7 million. The median house and unit sale was $1,385,000 and $890,000.
In the same weekend last year, the clearance rate was 77.2% from 358 listings, 315 auctions and 241 sales totalling $302.1 million. The median house and unit sale price was $1,402,500 and $870,000.
Domain chief economist Andrew Wilson said Sydney’s auction clearance rates have now increased over four consecutive weekends and are tracking at their highest levels for nearly two months.
“Auction numbers will rise next weekend, with more than 500 homes set to go under the hammer as the market starts gearing up for spring,” Wilson said.
Melbourne
Melbourne’s clearance rate dipped marginally but remains strong, according to the REIV.
There were 617 auctions reported and 471 homes sold whilst 146 properties were passed in, resulting in a clearance rate of 76%.
The rate is marginally lower than 77% reported from 631 auctions in the previous weekend but it is higher than the rate of 72% from 515 auctions recorded in the same weekend last year.
The total value of auction sales was $365.82 million and a median house, unit and land sale price of $790,000, $636,000 and $410,000 was recorded.
At the same time, there were 329 private sales totalling $196.05 million.
Wilson said Melbourne’s market remains bullish.
“It continues the city’s unusually warm winter auction results and proves buyers and sellers have shrugged off recent far-fetched predictions of near-term interest rate rises.
“Sellers remain keen to take advantage of strong winter market conditions. Auction numbers will continue to rise towards spring with well over 700 homes due to go under the hammer next Saturday,” he added.
Canberra
A strong clearance rate of 72% was recorded in Canberra on the weekend.
According to APM, there were 36 listings and 29 homes were auctioned with 21 selling.
The total value of sales was $22.13 million and a median sale price of $807,500.
Brisbane
The Brisbane market bucked the market trend though, reporting a low clearance rate of 55%.
Of the 81 listing, 48 properties went under the hammer and 27 sold.
The total value of auction sales was $16.78 million and a median sale price of $740,000.
Across Queensland, there were 264 listings and 157 results have been reported with 58 properties selling at auction, whilst 68 were passed in.
Adelaide
Adelaide posted a solid clearance rate of 69% from 62 listings, 23 auctions and 18 sales.
The total value of auction sales was $9.69 million with a median sale price of $623,750.
Perth
Similarly Perth reported a clearance rate of 67%.
There were 39 listings and 18 auctions were reported, of which 12 homes sold under the hammer and five were passed in.
Darwin
Darwin only had four listings and two auctions were reported, which resulted in one sale – 59 Yeadon Circuit in Moil for $575,000.
Hobart
There were no auctions recorded.
| Auction highlights this week Saturday, 22 July 2017 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 5 College St, Manly NSW 2095, 6 br House, Clarke & Humel Property Management Pty Ltd | $5,200,000 |
| Melbourne | 1120 Burke Rd, Balwyn North VIC 3104, 3 br House, Noel Jones Doncaster | $2,668,000 |
| Adelaide | 8 Hewitt Av, Rose Park SA 5067, 3 br House, T&T SA | $1,605,000 |
| Brisbane | 114 Mein St, Hendra QLD 4011, 5 br House, RW Ascot | $2,425,000 |
| Canberra | 5 Moresby St, Forrest ACT 2603, 4 br House, Peter Blackshaw Real Estate Manuka | $4,220,000 |
| Most affordable | ||
| Sydney | 24/104 Alice St, Newtown NSW 2042, 1 br Unit, RW Marrickville | $425,000 |
| Melbourne | 3/2 Woods Av, Mordialloc VIC 3195, 1 br Unit, BP Mordialloc | $309,000 |
| Adelaide | 22 Coral Av, Port Willunga SA 5173, 3 br House, LJH Aldinga / Christies Beach | $325,000 |
| Brisbane | 3/55 Central Av, Indooroopilly QLD 4068, 2 br Unit, RW Indooroopilly | $292,500 |
| Canberra | 7/49 Postle Cct, Holt ACT 2615, 2 br Townhouse, LJH Belconnen | $300,000 |
Australian Property Journal
