This article is from the Australian Property Journal archive
IT was a tale of two cities on the weekend with Sydney recording its lowest auction result in almost two years whilst Melbourne passed its first test for the spring season.
Sydney
Last weekend in Sydney, there were 763 listings, 490 auctions and 372 sales, according to Domain Group’s Australian Property Monitors.
The clearance rate recorded was 67%, below the 73.2% from 682 listings, 539 auctions and 391 sales recorded in the previous weekend and well below the 85.1% from 575 listings, 511 auctions and 423 sales in the same weekend last year.
Domain chief economist Andrew Wilson said Sydney recorded its lowest result since December 2015.
“Sydney’s weekend clearance rates have faded over the past month, with four out of the past five Saturdays below 70%,” he noted. “The number of auctions continue to rise in the fading market,”
“The sharply lower clearance rate at the weekend was clearly influenced by a significant decline in buyer activity from Sydney’s outer western regions that each recorded rates well below 50%. By contrast Sydney’s inner suburbs continue to produce robust results for most spring sellers with the inner west bouncing back on Saturday after some recently lower results,” Wilson said.
The value of auction sales was also down last weekend to $386.8 million, with a median house and apartment median sale price of $1,480,000 and $955,000 respectively.
It is lower than the $402.8 million recorded in the previous weekend and $602.9 million in the same weekend last year.
Wilson said surging auction numbers will continue to test the market next weekend with nearly 850 homes set to go under the hammer.
Melbourne
Melbourne passed its first test for the spring season. There were 1,066 listings and 967 homes went under the hammer, of which 713 sold, resulting in a clearance rate of 74%, according to the REIV.
It was slightly higher than the previous weekend’s 73% from 874 auctions, however it was below the 78% recorded from 860 auctions in the same weekend last year.
The total value of sales was $709.75 million.
According to APM, the median house and unit sale price was $935,000 and $587,500 respectively.
Wilson said Melbourne recorded another robust clearance rate driven by more boom-time results from the outer suburbs.
“Melbourne weekend clearance rates have averaged 75% since the Queen’s Birthday holiday weekend in June, which is only slightly lower than the 77.9% averaged over this year’s autumn selling season.
This weekend’s higher clearance rate was recorded despite a sharp increase in auction numbers, with 1066 homes listed to go under the hammer, compared to the previous weekend’s 923. This was also well ahead of last year’s 793 listings over the same weekend and auction numbers will continue to climb next weekend, with nearly 1,150 listed,” he added.
Canberra
The Canberra auction market delivered a solid result last weekend, posting a clearance rate of 71%.
There were 57 listings and 41 auctions were reported with 30 properties selling under the hammer.
The total value of auction sales was $19.085 million and the median sale price of $787,000 was recorded.
Adelaide
Adelaide was the standout performing, reporting a strong clearance rate of 81%.
There were 73 listings, 40 auctions and 35 sales reported.
The total value of sales was $13.11 million with a median sale price of $543,750.
Across South Australia, there were 106 listings, 79 auctions and 36 sales homes sold under the hammer, whilst 22 sold prior and 15 were passed in.
Brisbane
Brisbane continues to lag with a weak clearance rate of 48%. There were 98 listings, 52 auctions and 26 sales totalling $14.083 million, with a median sale price of $770,000.
Across the state, there were 338 listings and 215 homes were auctioned, of which 70 sold under the hammer and 22 prior, whilst 108 properties were passed in.
Perth
Perth had 36 listings and 19 auctions were reported, of which five sold at auction and one sold prior. There were 12 properties that were passed in.
Darwin
There were six listings and four auctions were held, but all four properties were passed in.
Hobart
There were not auctions held last weekend.
| Auction highlights this week Saturday, 16 September 2017 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 6 West Crescent St, McMahons Point NSW 2060, 2 br House, Belle Prop Neutral Bay | $8,300,000 |
| Melbourne | 5 Stoke Av, Kew VIC 3101, 5 br House, Marshall White Boroondara | $5,580,000 |
| Adelaide | 24 Harrow Rd, College Park SA 5069, 3 br House, Klemich Real Estate – RLA174424 | $1,210,000 |
| Brisbane | 11 Pine St, Bulimba QLD 4171, 3 br House, RW Carina | $1,885,000 |
| Canberra | 56 Albatross Cr, Harrison ACT 2914, 5 br House, HAR Brindabella | $1,300,000 |
| Most affordable | ||
| Sydney | 3/5A Burgin Cl, Berkeley Vale NSW 2261, 3 br House, R&H Toowoon Bay Killarney Vale | $445,000 |
| Melbourne | 13/2 Techno Park Dr, Williamstown VIC 3016, 0 br Unit, Williams RE | $255,000 |
| Adelaide | 20 Frank St, Para Hills SA 5096, 3 br House, Weeks & Macklin | $273,000 |
| Brisbane | 6 Yale St, Marsden QLD 4132, 4 br House, LJH Logan City | $320,000 |
| Canberra | 12 Blumenthal Pl, Spence ACT 2615, 3 br House, IPG Inner North & City | $533,000 |
Australian Property Journal
