This article is from the Australian Property Journal archive
THE countdown is on with only two more auction weekends before the Spring selling begins, as clearance rates across the country climbed higher last weekend.
A national preliminary clearance rate of 73.4% was recorded last weekend, according to Domain. of the 1,015 properties listed, 747 were auctioned and 586 sold. The value of auction sales was $460.5 million, the median house and unit sale prices were $1,081,500 and $685,000.
The previous weekend’s rate was 65.3% from 948 listings, 825 auctions, 575 sales totalling $435.8 million, median house and unit sale prices of $992,750 and $725,000 respectively.
Last weekend’s rate was higher the same weekends in 2018 and 2017. Last year’s clearances were 50.5% although there were substantially more properties on the market with 1,515 listings, 1,252 auctions and 696 sales. Sales volumes were higher at $711 million, the median house and unit sale prices were $963,500 and $722,000.
This time in 2017, the rate was 66.7% from 1,567 listings, 1,445 auctions and 1,015 sales totalling $1.12 billion.
In 2016, the rate was 73.5% from 1,311 listings, 1,223 auctions and 938 sales totalling $1.027 billion, whilst in 2015 the rate was 71.1% from 1,798 listings, 1,615 auctions and 1,198 sales totalling $1.27 billion.
Sydney
The preliminary rate in Sydney soared to 78.2%. According to Domain, 376 homes were listed, 265 were auctioned and 229 sold under the hammer, totalling $206.9 million.
The median house and unit sale prices were $1,320,000 and $866,250. The most expensive sale was a four-bedroom apartment at 41/62-65 North Steyne, Manly for $4.55 million by Stone Real Estate and cheapest was a one-bedroom apartment at 5/36 Denman Av, Wiley Park for $288,000 by LJ Hooker.
Corelogic also recorded 1,264 private sales.
AMP Capital chief economist Shane Oliver expects final clearances will be around 74%, which is above the previous weekend’s 71% and last year’s 49.7%.
Last weekend recorded 323 listings, 270 auctions and 213 sales totalling $191.6 million. And last year there were 503 listings, 380 auctions and 228 sales totalling $296.6 million, the median house and unit sale prices were $1,550,000 and $830,000.
In 2017, it was 63.1% from 566 listings, 493 auctions and 345 sales totalling $478.4 million, the median house and unit sale prices were $1,500,000 and $846,000. In 2016, it was 78.9% from 487 listings, 439 auctions and 375 sales totalling $522.4 million, the median house and unit sale prices were $1,452,000 and $867,000.
In 2015, the rate was 73.7% from 737 listings, 646 auctions and 511 sales totalling $639.6 million, the median house and unit sale prices were $1,302,000 and $843,250.
Melbourne
According to Domain, the preliminary clearance rate was 73.3% last weekend. There were 514 property listings, 397 auctions and 304 homes sold.
Volumes totalled $224.5 million, the median house and unit sale prices were $990,000 and $600,000. The most expensive sale was a five-bedroom house at 19 Sargood St, Toorak for $7.05 million by Marshall White and cheapest was a two-bedroom unit at 13/1 Bethany Ct, South Morang for $285,000 by Ray White.
Oliver expects the final rate will be around 69%, which is higher than the previous weekend’s 67.1% from 474 listings, 429 auctions, 300 sales totalling $211.8 million.
This time last year, the rate was 50.5% from 812 listings, 693 auctions and 370 sales totalling $342.4 million, the median house and unit sale prices were $913,000 and $606,000. In 2017, it was 72.7% from 797 listings, 772 auctions and 570 sales totalling $573 million.
The REIV recorded clearances of 79%. There were 441 auctions and 349 selling for $350 million, whilst 92 were passed in, 39 on a vendor bid. In the previous weekend, the rate was 75% from 446 listings and last year it was 58% from 726 auctions.
There also 158 private sales recorded totalling $95 million.
Canberra
Clearances skyrocketed to 89% in the nation’s capital, according to Domain. Of the 21 properties listed, 19 went under the hammer and 17 sold whilst two were passed in.
Sales totalled $7.446 million and the median sale price was $618,000. The most expensive sale was a three-bedroom house at 2/37 Novar St, Yarralumla for $910,000 by Peter Blackshaw Manuka and cheapest was three-bedroom house at 36 Renny Pl, Belconnen for by $535,000 by HAR Belconnen.
Corelogic reported a 94% rate from 20 listings, 16 auctions and 15 sales. It also recorded 63 private sales.
Brisbane
After falling to 37% in the previous weekend, Brisbane’s clearance rate rebounded to 44%. According to Domain, there were 68 listings, 43 auctions and 20 homes sold whilst 23 passed in, two withdrawn.
Sales totalled $13.43 million and the median price was $864,000. The most expensive sale was a five-bedroom house at 42 Koondara St, Camp Hill for $1,750,000 by Place Estate Agents and cheapest was a four-bedroom house at 43 Woodlands Av, Petrie for $375,000 by LJ Hooker.
Corelogic recorded a 47% rate across Queensland. From the 211 listings, 98 properties were auctioned and 46 sold whilst 51 were passed in, one withdrawn. There were also 794 homes that sold privately.
Adelaide
Adelaide recorded a 62% rate, according to Domain. There were 36 listings, 23 auctions and 16 sales whilst seven passed in and three were withdrawn.
Sales totalled $8.25 million and the median sale price was $623,000. The most expensive sale was three-bedroom house at 48 Myall Av, Kensington Gardensfor $1.61 million by Ray White and cheapest was three-bedroom house at 65 Princes Rd, Greenacres for $505,000.
Corelogic recorded a 53% rate from 53 listings, 17 auctions and nine sales, eight properties passed in. It also reported 236 private sales.
Perth
Western Australia recorded a 63% rate from 13 listings, eight auctions and five sales whilst three properties passed in. At the same time, 349 homes sold privately.
Hobart
Tasmania recorded a 100% rate. There was one auction and the property sold. According to Corelogic, there were also 171 private sales.
Darwin
The Northern Territory reported a 67% rate from six listings, three auctions and two sales whilst one property passed in. According to Corelogic, there were also 16 private sales.
| Auction highlights this week Saturday, 17 August 2019 | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 41/62-65 North Steyne, Manly NSW 2095, 4 br Unit, Stone Real Estate Manly | $4,550,000 |
| Melbourne | 19 Sargood St, Toorak VIC 3142, 5 br House, Marshall White Stonnington | $7,050,000 |
| Adelaide | 48 Myall Av, Kensington Gardens SA 5068, 3 br House, RW West Torrens | $1,610,000 |
| Brisbane | 42 Koondara St, Camp Hill QLD 4152, 5 br House, Place Estate Agents Ascot | $1,750,000 |
| Canberra | 2/37 Novar St, Yarralumla ACT 2600, 3 br Townhouse, Peter Blackshaw Manuka, Projects | $910,000 |
| Most affordable | ||
| Sydney | 5/36 Denman Av, Wiley Park NSW 2195, 1 br Unit, LJH Campsie | $288,000 |
| Melbourne | 13/1 Bethany Ct, South Morang VIC 3752, 2 br Unit, Ray White Epping | $285,000 |
| Adelaide | 65 Princes Rd, Greenacres SA 5086, 3 br House, RW Norwood | $505,000 |
| Brisbane | 43 Woodlands Av, Petrie QLD 4502, 4 br House, LJH Kallangur | $375,000 |
| Canberra | 36 Renny Pl, Belconnen ACT 2617, 3 br House, HAR Belconnen, Projects | $535,000 |
