This article is from the Australian Property Journal archive
IT was back to business for the auction market on the weekend, however some cities continue to show signs of slowing.
Following the long weekend holiday in the previous weekend, the Sydney and Melbourne markets resumed.
Sydney
The Sydney market continued to show signs of slowing.
Preliminary results from Domain’s Australian Property Monitors shows there were 679 listings, 418 auctions and 331 sales, resulting in a clearance rate of 69%.
The total value of auction sales was $310.9 million and a median house and unit sale price of $1,462,500 and $814,400 respectively, was recorded.
The clearance rate is lower than the 75.9% recorded in the same weekend last year, from 656 listings, 584 auctions and 475 sales totalling $642.1 million.
Melbourne
Melbourne returned with a solid clearance rate of 74%, according to preliminary results from the REIV.
There were 790 auctions held and 585 homes were sold whilst 205 were passed in.
The total value of auction sales was $466.28 million.
Melbourne’s higher clearance was due to a fewer listings. Despite the solid performance, the clearance rate is down from the boom 81% recorded in the same weekend last year from 963 listings.
APM’s chief economist Andrew Wilson said auction numbers will rise steadily over coming weekends until the pause in activity for the Melbourne Cup long weekend in a month.
“More than 1000 auctions are scheduled next Saturday in Melbourne,” he added.
Canberra
The rebound in Canberra was short lived with the Canberra market weakening last weekend, posting a lower clearance rate of 65%, according to APM.
There were 69 listings, 50 auctions and 33 sales, totalling $21.128 million and a median sale price of $682,000 was recorded.
The clearance rate is lower than the previous weekend’s 73.1%.
Brisbane
It was a busy weekend for Brisbane agents with 111 properties listed for auction, however it did not translate to higher sales.
There were 71 properties that went under the hammer and 39 homes sold, resulting in a clearance rate of 53%.
The total value of auction sales was $25.94 million and a median sale price of $743,100 was recorded.
Across Queensland, there were 333 listings and 223 auctions were reported, of which only 70 sold whilst 115 properties were passed in.
Perth
Perth had 56 listings however preliminary results show only 18 auctions were reported, of which seven sold under the hammer and seven were passed in.
Adelaide
Adelaide had 80 listings and 33 auctions were reported, of which 23 homes sold resulting in a clearance rate of 66%.
The total value of properties sold was $14.24 million and a median sale price of $631,000 was recorded.
Darwin
There were only 11 listings and eight properties went under the hammer resulting in two sales, whilst six properties were passed in,
Hobart
Hobart had eight listings, and five auctions and two sales were reported.
| Auction highlights this week Saturday, 7 October 2017 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 7 Torrington Rd, Strathfield NSW 2135, 4 br House, Strathfield Partners Projects | $5,100,000 |
| Melbourne | 9 Auburn Rd, Hawthorn VIC 3122, 4 br House, WHITEFOX Real Estate | $3,220,000 |
| Adelaide | 25 William St, Norwood SA 5067, 5 br House, Harris Real Estate – Glenelg | $2,440,000 |
| Brisbane | 68 Tristania Rd, Chapel Hill QLD 4069, 5 br House, Brisbane RE | $1,950,000 |
| Canberra | 30 Ivory St, Crace ACT 2911, 4 br House, Luton Gungahlin | $1,157,000 |
| Most affordable | ||
| Sydney | 22/16 Oxford St, Blacktown NSW 2148, 2 br Unit, Laing+Simmons St George | $411,000 |
| Melbourne | 10/56 Milan St, Mentone VIC 3194, 1 br Unit, Hodges Mentone | $275,000 |
| Adelaide | 60 Prince St, Alberton SA 5014, 2 br House, HAR Plus Seaton | $339,000 |
| Brisbane | 45 Boardman St, Kallangur QLD 4503, 2 br House, LJH Kallangur | $275,000 |
| Canberra | 3/112 Baldwin Dr, Kaleen ACT 2617, 3 br House, LJH Belconnen | $385,000 |
Australian Property Journal
