This article is from the Australian Property Journal archive
THE auction market continues to stagnate last weekend with sales falling substantially.
According to Domain, 1,226 properties were listed across Australia last weekend, volumes declined because of the NSW state election.
So far 801 auctions and 479 sales were reported, resulting in a preliminary clearance rate of 54.9%. Volumes totalled $313.2 million and the median house and unit sale prices were $926,250 and $628,250, respectively.
In the previous weekend, the rate was 47.7% from 1,497 listings, 1,200 auctions and 657 sales totalling $427.8 million and the median house and unit prices were $950,000 and $675,000.
In the same time last year, the rate was 57.9% from 3,240 listings, 2,749 auctions and 1,737 sales totalling a staggering $2.031 billion. The median house and unit prices were $1,106,000 and $715,000.
Sydney
Due to the NSW state election, auction activity declined. According to Domain, there were only 365 listings, of which 194 properties went under the hammer and 142 sold, representing a rate of 60.9%. Sales totalled $97.3 million and the median house and unit sale price was $1,322,500 and $800,000.
AMP Capital chief economist Shane Oliver expects the final clearance rate will be around 54%.
Corelogic reported 1,211 private sales last weekend.
In the previous weekend, the rate was 49.3% from 542 listings, 372 auctions and 239 sales totalling $181.3 million. The median house and unit prices were $1,350,500 and $920,000.
This time last year, the rate was 55.5% from 1,120 listings, 870 auctions and 571 sales, which totalled $832.9 million. The median house and unit sale prices were $1,600,000 and $900,000.
Melbourne
The clearance rate held steady last weekend due to a decrease in activity. According to Domain, there were 674 listings, 492 auctions and 280 sales totalling $184.8 million, with a median house and unit price of $910,000 and $563,500. The preliminary clearance rate was 54.5%
Oliver expects the final clearance rate will 48%, which is on par with the previous weekend’s 47.9%, where there were 745 listings, 660 auctions and 339 sales totalling $198.2 million. The median house and unit prices were $865,000 and $595,000.
In the same weekend last year, the clearance rate was 60.6% from 1,783 listings, 1,595 auctions and 1,008 properties sold under the hammer, totalling a staggering $1.076 billion. The median house and unit sale prices were $1,008,000 and $615,000.
The REIV reported a preliminary clearance rate of 58% from 550 auctions and 321 sales totalling $283 million. Meanwhile 229 properties passed in, 129 on a vendor bid. At the same time, there were 125 private sales totalling $79 million.
In the previous weekend the clearance rate was 62% from 730 auctions, and in the same weekend last year it was 67% from 1,648 auctions.
Canberra
The clearance rate was 47% in Canberra last weekend, according to Domain. Of the 49 homes listed, 42 auctions were held and 21 sold totalling $12.505 million. The median sale price was $660,000.
Corelogic reported a weaker 39% clearance rate from 57 listings, 33 auctions and 13 sales while 17 properties were passed in.
There were also 81 private sales.
Brisbane
Brisbane reported a 34% clearance rate last weekend from 76 listings, 38 auctions and 14 sales totalling $8.267 million and a median sale price of $750,000, according to Domain.
The clearance rate was similar across Queensland. Corelogic reported 111 listings, 37 sales, but 71 homes passed in. At the same time, 745 properties sold privately.
Adelaide
Adelaide had 62 properties listed, 35 went under the hammer and 22 sold, resulting in a 55% clearance rate, according to Domain. Sales totalled $10.322 million and the median sale price was $722,500.
The clearance rate was similar across the state. Corelogic reported 108 listings, 53 auctions and 30 sales whilst 21 properties were passed in. There were also 264 private sales.
Perth
According to Corelogic, Western Australia reported a 45% clearance rate. From the 45 auctions scheduled, 22 properties went under the hammer and 10 sold, but 12 were passed in. Meanwhile there were 333 private sales.
Hobart
Tasmania had four listings, of which three auctions were held but only one property sold. At the same time, 176 homes sold privately, according to Corelogic.
Darwin
In the Northern Territory, there were 10 listings, six auctions and three sales. There were also 18 private sales.
| Auction highlights this week Saturday, 23 March 2019 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 57 Shadforth St, Mosman NSW 2088, 4 br House, Belle Property Mosman | $3,470,000 |
| Melbourne | 17 Vincent St, Glen Iris VIC 3146, 4 br House, Marshall White Stonnington | $3,642,500 |
| Adelaide | 12 Moredun St, Tennyson SA 5022, 6 br House, South Australia Sotheby’s Internati | $1,885,000 |
| Brisbane | 21 Ootana St, Chapel Hill QLD 4069, 5 br House, Brisbane RE | $1,123,000 |
| Canberra | 5 Wells Gdns, Griffith ACT 2603, 4 br House, RW Canberra | $1,590,000 |
| Most affordable | ||
| Sydney | 11/97-99 The Boulevarde, Wiley Park NSW 2195, 2 br Unit, R&H Bexley | $380,000 |
| Melbourne | 1/14-16 Rennison St, Parkdale VIC 3195, 1 br Unit, Hodges Mentone | $310,000 |
| Adelaide | 47 Ways Rd, Hampstead Gardens SA 5086, 3 br House, HAR Northgate | $375,000 |
| Brisbane | 91 Rosemary St, Caboolture South QLD 4510, 3 br House, RW Caboolture | $188,000 |
| Canberra | 1 Blancoa Pl, Rivett ACT 2611, 3 br Townhouse, LJH Gungahlin | $427,000 |
Australian Property Journal
