This article is from the Australian Property Journal archive
THE bounce back in the auction market was short-lived. An increase in listings saw the clearance rates fall last weekend.
Last Saturday across Australia, there were 1,468 listings and 1,012 properties went under the hammer, of which 611 sold, resulting in a preliminary clearance rate of 55%, according to Domain.
Auction sales totalled $457.7 million and the median house and unit sales prices were $905,000 and $671,000.
In the previous weekend, the clearance rate was 52.7% from 1,177 listings, 1,035 auctions and 592 sales totalling $426.6 4 million.
In the same weekend last year, the clearance rate was much higher at 66.7% from 1,567 listings, 1,445 auctions and 1,015 sales totalling $1.115 billion.
Sydney
Sydney maintains its slight edge in front of Melbourne last weekend, reporting a preliminary clearance rate of 56.3%, according to Domain.
Of the 499 listings, 295 properties were auctioned and 202 sold, totalling $187.2 million and the median house and unit prices were $1,470,000 and $780,000.
AMP Capital chief economist Shane Oliver predicts once the final results are accounted, the final clearance rate would be around 51%, which will be lower than the previous weekend’s 53.1% from 386 listings, 296 auctions and 186 sales, totalling $152.9 million.
In the same weekend last year, the clearance rate was 63.1% from 566 listings, 493 auctions and 345 sales totalling $478.4 million. The median house and unit sales prices were $1,500,000 and $846,000.
Melbourne
The clearance rate is expected to fall below 50% again in Melbourne after recovering to 53.1%.
According to Domain, 771 properties were scheduled for auction and 590 went under the hammer, resulting in 329 sales totalling $227.1 million. The median house and unit sales prices were $850,000 and $605,000.
The preliminary clearance rate was 53.6%. Oliver predicts the final result will be 49%.
In the previous weekend, the clearance rate was 53.1% from 641 listings, 606 auctions and 336 sales totalling $237.4 million.
The auction clearance rate was 72.2% in the same weekend last year. There were 797 listings, 772 auctions and 570 sales totalling $573 million. The median house and unit sale prices were $990,000 and $583,000.
The REIV reported a preliminary clearance rate of 57%. There were 608 auctions and 344 homes sold whilst 264 were passed in, of which 134 were on a vendor’s bid.
The total value of auction sales was $300.48 million. At the same time there were 183 private transactions totalling $124 million.
The clearance rate is lower than the previous weekend’s 62% from 645 auctions and last year’s 77% from 855 auctions.
Canberra
Canberra’s clearance rate fell further to 47% last weekend, according to Domain.
There were 50 listings, 47 auctions and 22 sales totalling $13.102 million. The median sale price was $628,500.
Corelogic reported a higher clearance rate of 51% in Canberra from 64 listings, 55 auctions and 28 sales whilst 27 properties were passed in.
Brisbane
For the second weekend in a row, Brisbane reported a solid clearance rate 63%. According to Domain, there were 94 listings, 50 auctions and 35 sales totalling $19.585 million and the median sale price was $880,000.
However, the market was not as bright across the sunshine state. The clearance rate in Queensland was 43%, according to Corelogic. Of the 212 listings, 156 homes went under the hammer and 67 sold whilst 77 were passed in.
Adelaide
Adelaide had a solid weekend, posting a clearance rate of 68%, according to Domain.
Of the 54 scheduled auctions, 30 properties were auctioned and 23 sold, totalling $10.795 million. The median sale price was $640,000.
Corelogic reported a similar result of 67% across South Australia. There were 72 listings, 49 auctions and 33 sales whilst 10 homes were passed in.
Perth
Western Australia delivered a clearance rate of 56% last weekend. There were 19 auctions and nine properties went under hammer, resulting in five sales whilst four were passed in, according to Corelogic.
Darwin
In the Northern Territory, a clearance rate of 40% was recorded from eight listings, five auctions and two sales, whilst three properties were passed in.
Hobart
After weeks of inactivity, Tasmania had two listings and one property went under the hammer and it sold, according to Corelogic.
A five-bedroom house in 24 Connaught Ct West Launceston fetched $460,000.
| Auction highlights this week Saturday, 18 August 2018 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 12 Haughton St, Linley Point NSW 2066, 5 br House, McGrath Crows Nest | $5,350,000 |
| Melbourne | 9 Wallace Gr, Brighton VIC 3186, 4 br House, Buxton Brighton | $3,805,000 |
| Adelaide | 8 Sturdee St, Linden Park SA 5065, 4 br House, LJH Walkerville | Modbury | $1,390,000 |
| Brisbane | 100 Philip St, Hawthorne QLD 4171, 4 br House, RW Bulimba | $1,525,000 |
| Canberra | 32 Walker Cr, Griffith ACT 2603, 4 br House, Belle Property Kingston | $2,070,000 |
| Most affordable | ||
| Sydney | 66 Manuka Pde, Gorokan NSW 2263, 2 br House, LJH Budgewoi | $459,000 |
| Melbourne | 5/48 Magnolia Rd, Gardenvale VIC 3185, 1 br Unit, Hocking Stuart Caulfield | $290,000 |
| Adelaide | 3 Malone St, Morphett Vale SA 5162, 3 br House, Ouwens Casserly | $230,000 |
| Brisbane | 6/34 Oliver St, Nundah QLD 4012, 2 br Unit, Worth Real Estate | $284,000 |
| Canberra | 17/210 Newman-Morris Cct, Oxley ACT 2903, 3 br Townhouse, LJH Gungahlin | $462,500 |
Australian Property Journal
