This article is from the Australian Property Journal archive
AUCTION clearance rates eased last weekend but the market remains on track to report its best monthly result in over 15 months.
A 63.5% preliminary clearance rate was reported across the nation, according to Domain. There were 1,166 properties listed last weekend, of which 778 properties were auctioned and 555 sold.
Volumes totalled $404.9 million, the median house and unit sale prices were $927,500 and $710,000.
AMP Capital chief economist Shane Oliver said although the post election bounce is continuing, it is constrained and volumes remain low.
Activity was lower than the previous weekend, where there were 1,284 listings, 1,100 auctions and 715 sales, reflecting a 60.3% clearance rate. Sales totalled $523.6 million and the median house and unit sale prices were $980,000 and $647,500.
Last year’s clearance rate was lower at 55.8%, however activity was significantly higher with 1,510 listings, 1,289 auctions and 787 sales which totalled $860.9 million. The median house and unit sale prices were $1,026,000 and $700,000.
The same weekend in 2017, the clearance rate was 65.6% from 1,863 listings, 1,614 auctions and 1,131 sales totalling $1.384 billion.
Sydney
After climbing to a high of 65% in the previous weekend, Sydney recorded a preliminary clearance rate of 62.9% last weekend. According to Domain, of the 443 properties listed, 252 went under the hammer and 198 sold.
Sales totalled $162.4 million and the median house and unit sale prices were $1,176,250 and $892,500. The most expensive sale was a five-bedroom house in 3 Harlowe Pl, Bronte for $5,425,000 by agents Phillips Pantzer Donnelley whilst the cheapest was a three-bedroom house in 35 Iluka Av, San Remo for $415,000 by LJ Hooker.
Corelogic reported 1,190 private sales.
Oliver expects the final clearance rate will be around 57%, which is below the previous weekend’s 65%.
Despite the decline, Oliver said Sydney is on track to record its best monthly average clearance rate since February last year.
In the previous weekend, there were 472 listings, 384 auctions and 281 sales totalling $233.5 million. The median house and unit sale prices were $1,275,000 and $755,500.
In the same weekend last year, the market was in decline so the clearance rate scraped in at 50.3% from 525 listings, 394 auctions and 238 sales totalling $351.7 million. The median house and unit sale prices were $1,400,000 and $965,000.
Compared to the same weekend in 2017, during the peak, the clearance rate was 64.7% from 750 listings, 571 auctions and 426 sales, totalling $661.8 million.
Melbourne
Melbourne avoided the same fate as Sydney thanks to a fall in listings. According to Domain, there were 572 listings, 341 auctions and 310 sales, resulting in a clearance rate of 69.2%.
Sales totalled $220 million and the median house and unit sale prices were $895,000 and $615,000. A four-bedroom townhouse in 2/10 Clark St, Williamstown was the most expensive sale at $2,650,000, by agents Sweeney and the cheapest was a one-bedroom unit in 807/435 Nepean Hwy, Frankston by Hocking Stuart for $185,000.
Oliver expects the final clearance rate will be around 67%, which is higher than the previous weekend’s 62%. There were 645 listings, 580 auctions and 379 sales totalling $258.3 million. The median house and unit sale prices were $882,500 and $614,000.
He added that Melbourne is on track to record its best monthly average clearance rate since March last year.
This time last year, the clearance rate was battling during the slowdown with a 59.5% clearance rates from 824 listings, 760 auctions and 469 sales totalling $456.6 million. The median house and unit sale prices were $967,500 and $610,000.
In the same weekend in 2017, the rate was 68.4% from 896 listings, 853 auctions and 594 sales totalling $651.3 million.
The REIV reported a 70% clearance from 479 auctions, 334 sales and 145 homes were passed in, 66 on a vendor bid. Volumes totalled $301.67 million. There were also 178 private sales totalling $121 million.
In comparison, the rate was 69% from 654 auctions in the previous weekend and 64% from 832 auctions in 2018.
This time in 2017, the market posted an impressive figure of 72% from 932 auctions.
Canberra
Canberra reported a 61% clearance rate last weekend, one of the highest results in recent times for the nation’s capital. According to Domain, there were 28 listings, 20 auctions and 14 sales.
Total sales was $9,271,000 and the median price was $705,000. The most expensive sale was a four-bedroom house in 25 Ambalindum St, Hawker for $1,150,000 and the agent Independent Belconnen. The cheapest sale was three-bedroom house in 1 Berghofer Ct, Charnwood for $440,000 by LJ Hooker.
Corelogic also reported 40 private sales.
Brisbane
Brisbane posted another low rate of 21% last weekend, according to Domain. From the 62 properties listed, 40 auctions and 10 sales were reported.
Sales totalled only $3,396,500. A four-bedroom house in 42 Ninth Av, St Lucia was the most expensive sale at $1,770,000 by agents Dean Property Team whilst the cheapest was a three-bedroom house in 22 Rosemary St, Caboolture South for $171,000 by Professionals Caboolture.
Corelogic reported a higher rate of 40% across Queensland. From the 259 listings, 119 homes went under the hammer and 48 sold whilst 67 were passed in and four withdrawn.
There were also 727 private sales in the state.
Adelaide
Adelaide reported a 56% rate last weekend. Domain recorded 61 listings, 35 auctions and 23 sales totalling $9,867,000 and a median sale price was $645,000.
Agents Belle Property handled the most expensive sale, with a buyer paying $1,720,000 for a five-bedroom house in 8 Palmerston Rd, Unley. The cheapest sale was a two-bedroom unit in 1/83 Tusmore Av, Tusmore for $335,000.
Corelogic reported a 69% rate from 103 listings, 48 auctions and 33 sales whilst 12 homes were passed in and three withdraw. At the same time, there were 238 private sales.
Perth
Western Australia recorded a 50% clearance rate, according to Corelogic. However, it was a quiet weekend. From the 27 listings, only two auctions were held and one property sold.
On the other hand, the private sales market was more active with 334 transactions.
Hobart
After several weeks of inactivity in the auction market, Tasmania had three listings and one property went under the hammer and it sold, resulting in a 100% clearance rate. Corelogic also reported 115 private sales.
Darwin
The Northern Territory had six auctions scheduled however only one auction was held and the property failed to sell. According to Corelogic, there were 12 private sales.
| Auction highlights this week Saturday, 22 June 2019 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 3 Harlowe Pl, Bronte NSW 2024, 5 br House, PhillipsPantzer Donnelley | $5,425,000 |
| Melbourne | 2/10 Clark St, Williamstown VIC 3016, 4 br Townhouse, Sweeney Williamstown | $2,650,000 |
| Adelaide | 8 Palmerston Rd, Unley SA 5061, 5 br House, Belle Property Unley | $1,720,000 |
| Brisbane | 42 Ninth Av, St Lucia QLD 4067, 4 br House, Dean Property Team | $1,770,000 |
| Canberra | 25 Ambalindum St, Hawker ACT 2614, 4 br House, Independent Belconnen | $1,150,000 |
| Most affordable | ||
| Sydney | 35 Iluka Av, San Remo NSW 2262, 3 br House, LJH Budgewoi | $415,000 |
| Melbourne | 807/435 Nepean Hwy, Frankston VIC 3199, 1 br Unit, Hocking Stuart Frankston | $185,000 |
| Adelaide | 1/83 Tusmore Av, Tusmore SA 5065, 2 br Unit, BP Adelaide | $335,000 |
| Brisbane | 22 Rosemary St, Caboolture South QLD 4510, 3 br House, Professionals Caboolture | $171,000 |
| Canberra | 1 Berghofer Ct, Charnwood ACT 2615, 3 br House, LJH Gungahlin | $440,000 |
