This article is from the Australian Property Journal archive
MELBOURNE’S auction market continues to decline rapidly, falling behind Sydney on the weekend. Sales volumes across both cities have fallen by around 50%. But Canberra emerged as the surprise performer last Saturday.
According to Domain, the preliminary clearance rate across Australia was 54.3% last weekend from 1,115 listing, 791 auctions and 481 sales.
The total value of auction sales was $336.6 million and the median house and unit sale prices were $870,000 and $681,000 respectively.
In the previous weekend, the national clearance rate was 49.8% from 1,281 listings, 1,082 auctions and 608 sales totalling $413.3 million.
In the same weekend last year, the national rate was 65.9% from 1,423 listings, 1,282 auctions and 909 sales totalling $967.8 million.
Sydney
Sydney reported a preliminary clearance rate of 56.6%, according to Domain.
There were 378 listings and 223 homes went under the hammer, of which 159 sold.
The total value of sales was $126.0 million and the median house and unit sale prices were $1,226,250 and $1,097,000.
AMP Capital chief economist Shane Oliver said the final clearance rate will be around 50% once the final results are accounted.
In the previous weekend, the clearance rate was 47% from 418 listings, 310 auctions and 179 sales totalling $133.9 million.
In addition, Oliver said sales are running around 50% below a year ago and are back to 2012/2013 levels.
In the same weekend last year, Sydney reported sales of $404.3 million. There were 497 listings, 411 auctions and 305 sales, representing a clearance rate of 63.5%.
Melbourne
After showing resilience when Sydney was declining, Melbourne’s market has now fallen below Sydney.
Domain reported a preliminary clearance rate of 54.5% from 567 listings, 444 auctions and 256 sales totalling $170.2 million. The median house and unit sale prices were $800,000 and $604,000.
Oliver said the final clearance rate will be around 48%, which means Melbourne has fallen below Sydney.
In the previous weekend, the rate was 52.3% from 689 listings, 612 auctions and 351 sales totalling $236.1 million.
Oliver said sales in Melbourne are also around 50% lower than a year ago, back to 2012/2013 levels.
In the same weekend last year, sales totalled $501.5 million and the clearance rate was a staggering 70.4% from 745 listings, 714 auctions and 515 sales.
The REIV reported a stronger preliminary clearance rate of 60% in Melbourne. There were 464 auctions and 280 homes sold under the hammer whilst 184 were passed in – 85 on a vendor’s bid.
Auction sales totalled $234.32 million. There were also 180 private sales totalling $121 million.
In the previous weekend, the rate was 62% from 695 auctions and in the same weekend last year, it was sitting at a lofty 76% from 765 auctions.
Canberra
Canberra was a surprise strong performer, posting a clearance rate of 70%. According to Domain, there were 35 listings, 33 auctions and 23 sales. Sales totalled $17.47 million and the median sale price was $740,000.
Corelogic reported a lower rate of 61% from 46 listings, 41 auctions and 25 sales whilst 16 homes were passed in.
Adelaide
Adelaide also reported a strong clearance rate of 62%. According to Domain, there were 43 auctions, 30 auctions and 21 home sold.
Auction sales totalled $10.87 million and the median sale price was $702.500.
Across South Australia, a higher clearance rate of 70 was reported by Corelogic. Of the 59 listings, 43 homes went under the hammer and 30 sold whilst nine properties were passed in.
Brisbane
On the other hand, Brisbane reported a low clearance rate of 32% last weekend. According to Domain, there were 92 listings, 61 auctions and 22 sales totalling $12.08 million and a median sale price of $823,000.
Corelogic reported a slightly higher clearance rate of 39% across Queensland. There were 228 listings, 150 auctions and 59 properties sold under the hammer whilst 86 were passed in.
Perth
Western Australia reported a clearance rate of 63%. Last weekend there were 16 listings, eight auctions and five sales, according to Corelogic.
Darwin
The Northern Territory posted a dismal rate of 17% from seven listings, six auctions and only one sale whilst five properties were passed in, according to Corelogic.
Hobart
There were no auctions held last weekend in Tasmania.
| Auction highlights this week Saturday, 4 August 2018 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 5 Alfred St, Bronte NSW 2024, 3 br House, BHR Bickmore-Hutt Realty | $4,116,000 |
| Melbourne | 71-73 Beddoe Av, Clayton VIC 3168, 6 br House, FN – JXRE | $4,258,000 |
| Adelaide | 12-12A Wilford Av, Underdale SA 5032, 5 br House, RW Port Adelaide | $1,050,000 |
| Brisbane | 69 Leura Av, Hawthorne QLD 4171, 5 br House, Place Estate Agents Aspley | $1,751,000 |
| Canberra | 10 Hemmant St, O’Connor ACT 2602, 4 br House, McGrath Estate Agents Dickson, Projects | $1,286,000 |
| Most affordable | ||
| Sydney | 28 Badgery Cr, Lawson NSW 2783, 2 br House, Thompson Real Estate Blue Mountains | $510,000 |
| Melbourne | 11/50 Lillimur Rd, Ormond VIC 3204, 1 br Unit, Woodards Carnegie | $280,000 |
| Adelaide | 90 Nelson Rd, Valley View SA 5093, 5 br House, HAR Sheppard Property RLA 211280 | $391,000 |
| Brisbane | 17 Higson St, Lawnton QLD 4501, 3 br House, LJH Kallangur | $285,000 |
Australian Property Journal
