This article is from the Australian Property Journal archive
THE Queen’s Birthday holiday has not reinvigorated the residential auction market, which continued to slide on the weekend, approaching the pre-boom levels seeing in 2011 and 2012.
Following the Queen’s Birthday holiday in the previous weekend, the auction market should have returned with pent up demand, however that was not the case.
Domain’s preliminary data shows 1,636 properties were scheduled for auction nationally, 1,030 homes went under the hammer and 671 sold, resulting in a preliminary clearance rate of 58.6%. The total value auction sales were $486.1 million.
In the previous weekend, which was the Queen’s Birthday holiday, the clearance rate was 48.3% from 590 listings, 468 auctions and 262 sales totalling $191.6 million.
In the same weekend last year, the clearance rate was 65.9% from 1,969 listings, 1,754 auctions and 1,239 homes sold totalling $1.438.7 billion.
AMP Capital chief economist Shane Oliver said based on Domain’s data, Sydney and Melbourne auction sales volumes are now approaching pre-boom 2011 and 2012 levels.
Sydney
There were 593 listings, 320 auctions and 255 sales totalling $173.8 million, according to Domain. A preliminary clearance rate of 56.8% was recorded.
Oliver said the decline in auction activity is consistent with the moderate price falls of around 5% p.a. seeing in Sydney.
Oliver expects the final clearance rate will be 48%.
The median house and unit sale price last weekend was $1,285,000 and $960,000 respectively.
In the previous weekend, the clearance rate was 50.2%. There were 267 listings, 188 auctions and 121 sales totalling $101.5 million.
In the same weekend last year, the clearance rate was 65.2%. There were 788 listings, 656 auctions and 483 sales totalling $709.9 million.
Melbourne
Oliver observed that Melbourne is catching down to Sydney, based on Domain’s results.
Last weekend in Melbourne, a preliminary clearance rate of 59.1% was recorded from 852 listings, 604 auctions and 375 homes sold. Sales totalled $273.3 million and the median house and unit price were $880,000 and $595,000 respectively.
In the previous weekend, the clearance rate was 49.7% from 194 listings, 168 auctions and 90 sales totalling $55.7 million.
In the same weekend last year, the clearance rate was 70.3% from 957 listings, 899 auctions and 653 sales totalling $656.9 million.
The REIV’s data reported a clearance rate of 61% with 715 auctions held and 434 properties selling, whilst 281 were passed in, 143 on a vendor bid.
The total value of auction sales was $392.11 million. At the same time, there were 147 private sales totalling $103 million.
According to the REIV, the City of Wyndham has sold more than 400 homes under the hammer this year, 35% more compared with same period last year.
The clearance rate in the previous weekend was 59% from 229 auctions. In the same weekend last year, the rate was 74% from 959 auctions.
Brisbane
Brisbane did not have any luck, despite having an auspicious number of properties, 88, listed for auction.
Domain’s data shows 38 properties went under the hammer and 22 sold, representing a clearance rate of 52%.
The total value of sales was $11.29 million and the median price was $820,000.
Across Queensland, Corelogic reported a clearance rate of 35%. There were 235 listings, 139 auctions were held and 49 sold while 75 homes were passed in.
Canberra
Canberra reported a clearance rate of 61%. According to Domain, there were 50 listings, 42 auctions and 27 sales.
Sales totalled $15.89 million and the median was $780,500.
Corelogic data recorded 54 listings, 46 auctions, 26 sales and 18 properties were passed in, resulting in a clearance rate of 57%.
Adelaide
According to Domain, Adelaide recorded a clearance rate of 76% last weekend. There were 53 listings, 26 auctions and 22 sales. Sales totalled $11.76 million and the median price was $610,000.
Across South Australia, Corelogic data shows the clearance rate was 71%. There were 95 scheduled auctions and 48 homes went under the hammer with 34 selling and 12 properties were passed in.
Perth
According to Corelogic, Perth reported a clearance rate of 36%. There were 48 listings, 22 auctions and eight properties sold while 12 were passed in.
Hobart
Tasmania did not any properties going under the hammer last weekend.
Darwin
Across the Northern Territory, there were eight listings and four auctions were held however the properties failed to sell.
| Auction highlights this week Saturday, 16 June 2018 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 36 Windsor St, Paddington NSW 2021, 4 br House, PhillipsPantzer Donnelley | $4,280,000 |
| Melbourne | 42 Mayston St, Hawthorn East VIC 3123, 4 br House, Marshall White Boroondara | $3,200,000 |
| Adelaide | 10 Elderslie Av, Fitzroy SA 5082, 5 br House, Klemich Real Estate – RLA174424 | $1,426,000 |
| Brisbane | 282 Kent St, Teneriffe QLD 4005, 4 br House, Archived Ray White Rural (Queensland) | $2,125,000 |
| Canberra | 7A Elder St, Braddon ACT 2612, 4 br House, LJH Dickson | $1,450,000 |
| Most affordable | ||
| Sydney | 11/56-58 Warialda St, Kogarah NSW 2217, 1 br Unit, ELD Inner West- Enfield | $490,000 |
| Melbourne | 907/18 Mt Alexander Rd, Travancore VIC 3032, 2 br Unit, Pagan Real Estate | $292,500 |
| Adelaide | 82A Clairville Rd, Campbelltown SA 5074, 3 br House, BP Adelaide | $356,000 |
| Brisbane | 8 Margaret St, Rochedale South QLD 4123, 3 br House, R&H Commercial Beenleigh | $440,000 |
| Canberra | 2 Dallachy Pl, Page ACT 2614, 2 br House, RW Canberra | $425,000 |
Australian Property Journal
