This article is from the Australian Property Journal archive
THE auction market recorded a post-election bounce last weekend with sales and listings rising, although the remain at pre-boom levels.
Across the country, there were 1,702 properties listed, much higher than the 645 during the federal election in the previous weekend and almost on with last year’s 1,866 listings, according to Domain.
Of the 1,702 listings, 1,117 homes were auctioned and 750 sold under the hammer, resulting in a preliminary clearance rate of 59.3%. Sales totalled $535.7 million and the median house and unit sale prices were $950,000 and $719,750.
In the previous weekend, 520 properties were auctioned and 313 sold. The clearance rate was 54.6%, sales totalled $218.7 million and median house and unit sale prices of $925,000 and $607,000.
Although listings rebounded to similar levels witnessed last year, transaction activity was at pre-boom levels. In the same weekend in 2018, there were 1,866 listings, 1,590 auctions and 963 sales, reflecting a 55.7% clearance rate. Volumes totalled $1.078 billion and the median house and unit sale price were $1,030,000 and $725,000.
Sydney
Sydney recorded a strong preliminary clearance rate of 61.5% last weekend, according to Domain. Of the 584 listings, 341 homes were auctioned and 264 sold.
Sales volume totalled $208.3 million and median house and unit sale prices were $1,240,500 and $867,500. The most expensive sale reported was a six bedroom house at 12 Arthur St, Bellevue Hill by agents McGrath, for $5,625,000.
At the same time, there were 1,111 private sales, according to Corelogic.
AMP Capital chief economist Shane Oliver said the final clearance rate will be around 56%. He added that the jump in sales could be due to the removal of uncertainty surrounding Labor’s negative gearing and capital gains tax following the re-lection of the Coalition.
Oliver said the May clearance rates and sales are around pre-boom levels.
During the election weekend, the clearance rate was 51.9% from 181 listings, 131 auctions and 82 sales totalling $60.4 million.
Last year, the clearance rate was 55%, where there were 678 listings, 506 auctions and 333 sales totalling $494.5 million. The median house and unit sale prices were $1,660,000 and $945,000.
Melbourne
There were 885 listings, 634 auctions and 405 sales reported in Melbourne, according to Domain. The preliminary clearance rate was 60.2% and sales totalled $286.9 million, the median house and unit sale prices were $907,000 and $620,500.
The most expensive property sold was a five bedroom house at 6 South Tce, Clifton Hill by agents Collins Simms for $4,515,000.
Oliver expects the rate will be around 55% once the final results are reported.
In the previous weekend the rate was 58.6% from 370 listings, 326 auctions and 201 sale totalling $148 million.
In the same weekend last year, there were 981 listings, 900 auctions and 526 sales resulting in a 56.7% clearance rates. Volumes totalled $509.8 million and the median house and unit sale prices were $900,500 and $606,000.
The REIV reported a higher preliminary clearance rate of 64% from 700 auctions and 450 sales whilst 250 properties were passed in, 132 on a vendor bid. Auction sales totalled $417.76 million.
There were also 154 private sales reported totalling $109 million.
In comparison, the previous weekend’s rate was 65% from 342 auctions and last year it was 63% from 948 auctions.
Canberra
After several weeks in the doldrums, the nation’s capital rebounded with a 62% clearance rate, according to Domain. Of the 50 listings, 43 properties were auctioned and 28 sold.
Volumes totalled $18.535 million and the median sale price was $735,000. The most expensive property sold was a four bedroom house in 13 Clarke St, Yarralumla by Peter Blackshaw Real Estate for $1,610,000.
Corelogic recorded a 70% clearance rate from 54 listings, 33 auctions and 23 sales whilst 10 properties passed in. It also reported 76 private sales.
Brisbane
Brisbane’s clearance rate of 43% was higher than previous weekends but it remains below the 50% mark. According to Domain, there were 99 listings, 55 auctions and 26 sales totalling $9.819 million and a median sale price of $793,800.
A three-bedroom house in 9 Macartney St, Paddington was the most expensive property sold, for $1,155,000, by REMAX First Choice Riverside.
Across Queensland the clearance rate was 37%. Corelogic reported a substantial 225 listings and 106 auctions but only 39 homes sold whilst 64 were passed in and three withdrawn. The private sales market had 642 transactions.
Adelaide
After performing strongly in recent weeks with the highest clearance rates in the mainland, Adelaide did not bounce strongly after the election. According to Domain, a 48% clearance rate was recorded. Of the 84 listings, 44 properties went under the hammer and 26 sold.
Sales totalled $12.1 million and the median sale price was $617,500. The most expensive property sold was of a seven bedroom house in 69 Penfold Rd, Rosslyn Park by T&T for $1,600,000.
However, Corelogic reported a stronger 61% rate across South Australia. From the 131 listings, 64 auctions were reported and 39 sold whilst 22 were passed in and three were withdrawn.
At the same time, 230 private sales were recorded.
Perth
Western Australia posted a weak 33% clearance rate. There only 36 listings and 15 auctions held last weekend, of which five homes sold whilst 9 passed in, according to Corelogic. There were also 315 private sales.
Darwin
The Northern Territory booked a 50% clearance rate. From the eight listings, two auctions and one sale were reported, according to Corelogic. There were 16 private sales.
Hobart
Tasmania also recorded a 50% clearance rate. There were five listings, four auctions and two sales. At the same time, 182 homes sold privately, according to Corelogic.
| Auction highlights this week Saturday, 25 May 2019 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 12 Arthur St, Bellevue Hill NSW 2023, 6 br House, McGrath – Coogee | $5,625,000 |
| Melbourne | 6 South Tce, Clifton Hill VIC 3068, 5 br House, Collins Simms | $4,515,000 |
| Adelaide | 69 Penfold Rd, Rosslyn Park SA 5072, 7 br House, T&T SA | $1,600,000 |
| Brisbane | 9 Macartney St, Paddington QLD 4064, 3 br House, REMAX First Choice Riverside | $1,155,000 |
| Canberra | 13 Clarke St, Yarralumla ACT 2600, 4 br House, Peter Blackshaw Real Estate Manuka | $1,610,000 |
| Most affordable | ||
| Sydney | 20/68 Gould St, Bondi Beach NSW 2026, 0 br Studio, LITTLE Real Estate New South Wales | $377,500 |
| Melbourne | 12/10 Payne St, Caulfield North VIC 3161, 1 br Unit, McGrath Sandringham | $286,000 |
| Adelaide | 4 Benham St, Elizabeth East SA 5112, 3 br House, RW Craigmore | $135,000 |
| Brisbane | 18 Beattie St, Kallangur QLD 4503, 3 br House, RW Samford | $265,600 |
| Canberra | 12 Sharwood Cr, Evatt ACT 2617, 4 br House, Luton Properties Tuggeranong CRE | $480,000 |
Australian Property Journal
