This article is from the Australian Property Journal archive
THE residential property auction market finished the month of November on a high with sales volumes pushing over $1 billion following a strong turnout over the weekend, headlined by a waterfront home in Sydney’s Cremorne Point which sold under the hammer for $11.2 million.
National
Despite a surge in listings last weekend, a strong preliminary clearance rate of 80% was recorded, according to Domain. There were 2,452 listings, 1,620 auctions and 1,307 properties sold. Auction volumes totalled $1.054 billion and the median house and unit sale prices were $1,050,250 and $727,500 respectively.
It is higher than the previous weekend’s clearances of 65.5% from 2,023 listings, 1,755 auctions and 1,240 sales totalling $1.002 billion.
It is a significant improvement on last year’s 39.1% from 2,080 listings, 1,645 auctions and 771 sales totalling just $816.4 million. The median house and unit sale prices were $1,060,000 and $655,000.
Despite the bounce, last weekend’s results continue to be modest compared to the same 2015-2017 periods.
This time in 2017, clearances were lower at 57.1% however auction volumes totalled $1.534 billion. There were 2,517 listings, 2,190 auctions and 1,380 sales. The median house and unit sale prices were $1,025,000 and $740,000.
In 2016 there were 2,376 listings, 2,109 auctions and 1,606 sales representing a rate of 71.6%. Volumes totalled $1.732 billion and the median house and unit sale prices were $1,037,250 and $750,000.
In 2015, clearances were 58.3% from 2,653 listings, 2,258 auctions and 1,435 sales totalling $1.374 billion and the median house and unit sale prices were $935,000 and $650,000.
Sydney
Sydney improved further last weekend with a preliminary clearance rate of 80%. According to Domain, there was an uplift in activity with 888 properties listed, of which 573 were auctioned and 502 sold.
Auction sales totalled $438 million and the median house and unit sale prices were $1,357,500 and $878,500. The most expensive property sold was an eight bedrooms house in 26 Milson Rd, Cremorne Point for $11,200,000 whilst the cheapest was a three bedrooms house in 3 Franklin Cr, Blackett for $410,000.
AMP Capital chief economist Shane Oliver expects last weekend’s final clearance rate will be around 75%, which is slightly higher than the previous weekend’s 72.6% where there were 768 listings, 636 auctions and 511 sales totalling $454.3 million.
In the same weekend last year, the rate was 38% from 747 listings, 490 auctions and 261 sales totalling only $340.2 million, and the median house and unit sale prices were $1,340,000 and $773,250.
Meanwhile in 2017, clearances were 51.8% from 866 listings, 677 auctions and 427 sales totalling $594.6 million and the median house and unit sale prices were $1,456,000 and $920,000. In 2016, it was 70.6% from 870 listings, 721 auctions, 573 sales totalling $794.3 million and the median house and unit sale prices were $1,475,000 and $933,000.
In 2015, it was 51.7% from 887 listings, 662 auctions, 419 sales totalling $499.3 million. The median house and unit sale prices were $1,275,000 and $824,000.
Melbourne
According to the REIV, a preliminary rate of 77% was recorded. Of the 1082 auctions held, 829 homes sold under the hammer whilst 253 passed in, 110 on a vendor bid. This is compared to 72% (996 auctions) in the previous weekend from and 48% (1122 auctions) this week last year.
Last weekend $847.53 million worth of homes sold at auction whilst 191 properties sold privately for $119 million.
Domain reported a 74% preliminary rate from 1,328 listings, 931 auctions and 724 sales for $570.3 million. The median house and unit sale prices were $977,000 and $647,500.
The most expensive property sold was a five bedrooms house in 7 Rosslyn St, Hawthorn East for $4,510,000 and the cheapest was a one-bedroom apartment in 18/87 Alma Rd, St Kilda East for $250,000.
AMP’s Shane Oliver expects the final rate will be around 70%, which is an improvement on the previous weekend’s 64.1% where 1,010 properties were listed, 907 were auctioned and 615 sold for $482.2 million.
This time last year, the rate was 41.2% from 1,068 listings, 938 auctions, 426 sales totalling $417.8 million and the median house and unit sale prices were $1,005,000 and $609,500.
In the same weekend in 2017, clearances were 62.1% from 1,352 listings, 1,254 auctions, 812 sales totalling $826 million, and the median house and unit sale prices were $950,000 and $590,000.
In 2016 it was 77.1% from 1,166 listings, 1,105 auctions, 872 sales totalling $824.8 million, the median house and unit sale prices were $862,000 and $550,000. And in 2015, it was 62.8% from 1,435 listings, 1,336 auctions and 862 sales totalling $755 million. The median house and unit sale prices were $862,000 and $550,000.
Canberra
Canberra produced another solid result with a 63% clearance rate. From the 69 auctions scheduled, 47 properties went under the hammer of which 30 sold whilst 17 passed in, according to Domain.
Auction volumes totalled $23.623 million and the median sale price was $840,000. The most expensive property sold was a four bedrooms house in 18 Tennyson Cr, Forrest for $3,850,000 and the cheapest was a two bedrooms townhouse in 3/23 Bollard St, Palmerston for $435,000.
Corelogic reported a 66% rate from 66 listings, 38 auctions and 25 sales whilst 10 passed in. It also recorded 96 private sales.
Adelaide
Adelaide also produced another solid result, reporting a 71% clearance rate. According to Domain, there were 79 listings, 44 auctions, 35 sales whilst nine homes passed in. Volumes totalled $14.407 million and the median sale price was $540,000.
The most expensive property sold was three bedrooms house in 34 George St, Norwood for $1,535,000 and the cheapest was a three bedrooms house in 32 McKenzie Rd, Elizabeth Downs for $145,000.
Across South Australia Corelogic reported a 60% rate from 132 listings, 62 auctions, 37 sales and 21 properties passed in. It also recorded 330 private sales.
Brisbane
Brisbane recorded an improved clearance rate of 57% last weekend, according to Domain. From the 88 properties listed, 25 were auctioned and 16 sold, totalling $7.48 million.
The most expensive sale was a five bedrooms house in 26 Prospect Tce, Highgate Hill for $1,825,000 and cheapest was a three bedrooms house in 16 Kennedy Dr, Capalaba for $385,000.
Across Queensland the rate was lower at 44%, according to Corelogic. Of the 277 properties scheduled for auction, 122 were auctioned and 54 sold whilst 66 passed in. At the same time, 1039 homes sold privately.
Perth
The clearance rate was 33% in Western Australia. According to Corelogic, there were 54 listings and 15 auctions with five properties sold whilst 10 passed in.
At the same time, there were 393 private sales.
Hobart
After weeks of inactivity in the auction market, Tasmania had 12 properties listed and four went under the hammer with three selling, resulting in a 75% clearance rate. Corelogic also reported 188 private sales.
Darwin
The Northern Territory recorded a 60% clearance rate from six listings, five auctions and three sales. Corelogic also reported 16 private sales.
| Auction highlights this week Saturday, 30 November 2019 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 26 Milson Rd, Cremorne Point NSW 2090, 8 br House, C21 Living | $11,200,000 |
| Melbourne | 7 Rosslyn St, Hawthorn East VIC 3123, 5 br House, Jellis Craig Projects | Barenya Court, Kew | $4,510,000 |
| Adelaide | 34 George St, Norwood SA 5067, 3 br House, RW Flinders Park | $1,535,000 |
| Brisbane | 26 Prospect Tce, Highgate Hill QLD 4101, 5 br House, RW Geaney Property Group | $1,825,000 |
| Canberra | 18 Tennyson Cr, Forrest ACT 2603, 4 br House, Peter Blackshaw Manuka, Projects | $3,850,000 |
| Most affordable | ||
| Sydney | 3 Franklin Cr, Blackett NSW 2770, 3 br House, LJH Mount Druitt | $410,000 |
| Melbourne | 18/87 Alma Rd, St Kilda East VIC 3183, 1 br Unit, McGrath St Kilda | $250,000 |
| Adelaide | 32 McKenzie Rd, Elizabeth Downs SA 5113, 3 br House, RW Craigmore | $145,000 |
| Brisbane | 16 Kennedy Dr, Capalaba QLD 4157, 3 br House, RW Capalaba | $385,000 |
| Canberra | 3/23 Bollard St, Palmerston ACT 2913, 2 br Townhouse, LJH Belconnen | $435,000 |
