This article is from the Australian Property Journal archive
THE auction markets looks set to end the month of July on a low, with Sydney and Melbourne on track to report their weakest results in over 10 years.
Sydney
According to Domain, Sydney recorded a preliminary clearance rate of 51% last weekend. There were 417 listings, 238 auctions held and 159 properties sold.
The total value of auction sales was $117.816 million and the median sale price was $1.14 million.
AMP Capital chief economist Shane Oliver expects the final clearance rate will be around 47% once the final results are reported.
Oliver said this suggests the auction clearance rate average in July would be 48%, which would be the lowest result since July 2008.
Melbourne
Melbourne’s clearance rate continues to slide and is nudging closer to the low 50s. According to Domain, the preliminary clearance rate was 58%. Of the 687 listings, 507 properties went under the hammer and 320 sold.
The total value of auction sales was $223.22 million and the median price was $766,000.
Oliver said Melbourne’s clearance rate would likely settle around 53%, which points to an average clearance rate of 52% over July.
He added this will be the weakest result since 2007.
Separate data from the REIV reported a preliminary clearance rate of 62% from 589 auctions and 336 sales, whilst 223 homes were passed in – 103 on a vendor’s bid.
The clearance rate in the previous weekend was 63% from 527 auctions and 76% from 781 auctions in the same weekend last year.
The total value of auction sales was $291.05 million. At the same time, there were 176 private sales totalling just $106 million.
Canberra
Canberra recorded a clearance rate of 63% last weekend. According to Domain, there were 42 listings, 39 auctions were held and 25 homes sold.
The total value of sales was $17.28 million and the median price was $692,000.
Data from Corelogic recorded a clearance rate of 72% in Canberra from 46 listings, 36 auctions and 26 sales whilst nine homes were passed in.
Brisbane
According to Domain, Brisbane remains in the doldrums with a low clearance rate of 38%.
Of the 79 listings, 44 homes were auctioned and 18 sold, totaling $14.12 million and a median of $836,000.
Corelogic’s data recorded a clearance rate of 40% across Queensland. There were 243 listings, 136 auctions and 55 homes sold, whilst 76 were passed in.
Adelaide
Adelaide’s clearance rate was 55%. According to Domain, 53 properties were listed and 29 were auction, with 17 selling under the hammer.
The total value of sales was $6.06 million and the median price was $619,000.
Corelogic reported a similar clearance of 58% from 77 listings, 48 auctions and 28 sales whilst 18 properties were passed in.
Perth
Perth recorded a clearance rate of 42% last weekend, according to Corelogic. Of the 40 properties listed, 24 auctions were held and 10 properties sold whilst 13 were passed in.
Darwin
Across the Northern Territory, three homes were auctioned but only one sold.
Hobart
There were no properties reported for auction in Tasmania last weekend.
Australian Property Journal
