This article is from the Australian Property Journal archive
THE residential property auction market continues to weaken with the national clearance rate now sitting consistently under 50%.
According to Domain, the preliminary clearance rate across Australia was 47.2% last weekend. Of the 1,782 listings, 1,189 auctions have been reported so far, of which 629 properties sold.
Auction sales totalled was $453.3 million, and the median house and unit sale prices were $950,000 and $640,000 respectively.
In the previous weekend, there were 1,584 listings, 1,241 auctions and 645 sales, representing a clearance rate of 46.1%. Sales totalled $420.1 million and the median house and unit sale prices were $912,000 and $630,000.
In the same weekend last year, the clearance rate was 62.8% from 1,969 listings, 1,731 auctions and 1,162 sales totalling $1.32 billion. The median house and unit prices were $1,075,000 and $715,000.
Sydney
The clearance rate in Sydney continues to drop and is now sitting in the low to mid 40%. According to Domain, there were 567 listings, 314 auctions and 186 sales, resulting in a preliminary clearance rate of 44.5%.
Auction volumes totalled $160.1 million and the median house and unit sale prices were $1,285,000 and $940,250.
AMP Capital chief economist Shane Oliver believes the final clearance rate will be around 39% once the late results are reported.
In the previous weekend, the Sydney clearance rate was 45.2% from 550 listings, 361 auctions and 211 properties sold totalling $149.7 million, and a median house and unit sale prices of $1,213,500 and $830,000 respectively.
In the same weekend last year, there were 666 listings, 539 auctions and 348 sales, reflecting a clearance rate of 56%. Auction volumes totalled $484.6 million and the median house and sale prices were $1,428,500 and $900,000.
Oliver said there is a relationship between clearance rates and house prices. Last week he predicted that Sydney house prices will fall by around 20%.
Melbourne
Oliver also predicted Melbourne house prices will decline by around 20%. Oliver said last weekend’s result is consistent with ongoing price falls.
According to Domain, the preliminary clearance rate was 48.6% last weekend. Of the 984 listings, 746 properties were auctioned and 375 sold under the hammer. Volumes totalled $249.3 million and a median house and unit sale prices of $893,600 and $558,750.
In the previous weekend, the clearance rate was 47.3% from 825 listings, 720 auctions and 359 sales totalling $235.9 million. The median house and unit sale prices were $900,000 and $570,000.
In the same weekend last year, the clearance rate was 68.7%. Of the 1,047 homes listed, 981 were auctioned and 690 sold. Sales totalled $746.1 million and the median house and unit sale prices were $1,011,000 and $601,500.
The REIV reported a preliminary clearance rate of 50% last weekend. Of the 769 auctions reported, 384 properties sold whilst 385 were passed in, 204 on a vendor’s bid.
Auction sales totalled $360.05 million. At the same time, there were 385 private transactions totalling $100 million.
The clearance rate in the previous weekend was 55% from 794 auctions and 74% from 1,044 auctions in the same weekend last year.
Canberra
The nation’s capital also continued to weak with the clearance rate falling to 45% last weekend.
According to Domain, there were 61 listings, 50 auctions and 23 sales totalling $15.55 million. The median sale price was $724,250.
Corelogic reported a slightly stronger auction clearance rate of 49% last weekend from 82 listings, 68 auctions and 33 sales, whilst 35 properties were passed in.
Brisbane
Brisbane reported a preliminary clearance rate of 45%, according to Domain. Of the 97 listings, 45 properties went under the hammer and 23 sold. Sales totalled $15.32 million and a median sale price of $700,000 was recorded.
Across Queensland, Corelogic recorded a lower clearance rate of 40%. There were 261 listings, 150 auctions and 60 homes sold whilst 74 were passed in.
Adelaide
Last weekend in Adelaide, there were 73 listings, 34 properties were auctioned and 22 sold, resulting in a clearance rate of 52%. Sales totalled $13.081 million and the median sale was $700,000.
Corelogic reported a higher clearance rate of 63% across South Australia. Of the 141 scheduled listings, 75 auctions were held and 47 sold whilst 23 were passed in.
Perth
Last weekend in Western Australia, there were 42 listings, 18 auctions and 10 sales whilst seven properties passed in, according to Corelogic.
Darwin
The Northern Territory had two listings but only one auction was held. That two-bedroom unit at 5/5 Dornoch Ct Marrara sold for $300,000.
Hobart
For the second weekend in a row, Tasmania did not record any auction activity.
| Auction highlights this week Saturday, 20 October 2018 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 19 Bannockburn Rd, Pymble NSW 2073, 4 br House, Di Jones Real Estate North Shore | $3,350,000 |
| Melbourne | 213 Beaconsfield Pde, Middle Park VIC 3206, 4 br House, Wilson Agents | $5,300,000 |
| Adelaide | 42 Elizabeth St, Norwood SA 5067, 3 br House, Klemich Real Estate – RLA174424 | $1,257,000 |
| Brisbane | 948 Mount Nebo Rd, Jollys Lookout QLD 4520, 4 br House, Queensland Sotheby’s International Realty | $4,100,000 |
| Canberra | 83 Captain Cook Cr, Narrabundah ACT 2604, 4 br House, Belle Property Kingston | $1,532,000 |
| Most affordable | ||
| Sydney | 120 Emu Dr, San Remo NSW 2262, 4 br House, LJH Budgewoi | $470,000 |
| Melbourne | 28/233-235 Canterbury Rd, St Kilda West VIC 3182, 1 br Unit, Biggin Scott St Kilda / Elwood | $315,000 |
| Adelaide | 6 Redcliff St, Davoren Park SA 5113, 3 br House, RW Craigmore | $105,000 |
| Brisbane | 39 Thistlebank St, Durack QLD 4077, 7 br House, Vivid Property Group | $355,000 |
| Canberra | 2/7 Coxen St, Hughes ACT 2605, 2 br Unit, McGrath Woden | $280,000 |
Australian Property Journal
