This article is from the Australian Property Journal archive
AUCTION clearance rates across Australia climbed to almost 80% last weekend, led by the nation’s capital where clearances rocketed to 90%.
National
A preliminary clearance rate of 79.2% was reported nationally as activity rose in the third auction weekend of 2020. According to Domain, 1,330 properties were scheduled, 917 auction results were confirmed with 764 homes sold, totalling $624.6 million. The median house and unit sale prices were $1,020,000 and $751,000.
It is an increase from the previous weekend’s 70.5% from 970 listings, 822 auctions and 608 sales totalling $481.5 million.
It is a significant improvement on this time last year, where clearances slumped to 50.8% where there were 1,116 listings, 978 auctions, 554 sales totalling $570.5 million. The median house and unit sale prices were $1,038,500 and $719,500.
Despite the improvement in clearance rates, sale volumes remain well below the levels witnessed during the boom periods of 2016- 2018. In the same weekend in 2018, $929.9 million worth of homes sold at auction and the median house and unit sale prices were $1,035,000 and $670,000. There were 1,486 listings, 1,268 auctions and 857 sales resulting in clearance rates of 62.2%.
In 2017, sales topped a staggering $1.477 billion and the median house and unit sale prices $1,102,000 and $735,500. Clearances also reached a high of 75.5% from 1,798 listings, 1,651 auctions and 1,294 sales.
And in 2016, clearances were 69.6% from 1,736 listings, 1,531 auctions and 1,120 sales totalling $843.4 million. The median house and unit sale prices were $930,250 and $645,000.
Canberra
The star performer on the weekend was Canberra with clearances of 90%, according to Domain. Of the 41 listings, 28 auction results were confirmed with 26 properties selling and two passed in.
Sales totalled $16.852 million and the median sale price was $833,250. The most expensive property sold was a four bedrooms house in 6 Welsh Pl, Chifley for $1,135,000 and cheapest was a three bedrooms house in 16 Sellwood St, Holt for $496,000.
Corelogic reported a slightly rate of 92% from 36 listings, 24 auctions and 22 sales. It also reported 81 private sales.
Sydney
Sydney reported the second highest clearance rates. The preliminary rate was 84.4%, according to Domain. From the 506 properties listed, 330 were auctioned and 304 sold under the hammer.
Sales totalled $285.9 million and the median house and unit sale prices were $1,360,000 and $985,000. The most expensive sale was a three bedrooms house in 74 Cascade St, Paddington for $4,675,000 and cheapest was a two bedrooms unit in 10/39 Bathurst St, Liverpool for $340,000.
At the same time Corelogic reported 1,243 private transactions.
AMP Capital chief economist Shane Oliver expects the final clearance rate will be around 82%, an improvement from the previous weekend’s 77% and well up on last year’s 54.1%.
In the previous weekend, there were 404 listings, 356 auctions, 291 sales totalling $268.5 million.
Oliver said sales in Sydney are running around 60% higher than a year ago but he added, they remain well down on boom levels.
This time last year, there were 531 listings, 510 auctions and 267 sales totalling $225.2 million.
Although clearances were lower in the same weekend in 2018, of 60.2%, sale volumes were higher. There were 516 listings, 401 auctions and 284 sales totalling $416.9 million.
In 2017 clearances were 80.3% from 669 listings, 599 auctions and 510 sales totalling $746 million. In 2016 it was 72% from 558 listings, 485 auctions and 376 sales totalling $369.2 million.
Melbourne
The preliminary clearance rate in Melbourne climbed to 77% on the weekend. According to Domain, 649 properties were listed, 475 auctions were held and 374 sold, totalling $297.6 million.
The median house and unit sale prices were $935,000 and $603,500, the most expensive sale was a three bedrooms unit in 2/10-12 Well St, Brighton for $2,925,000 and cheapest was a one bedroom unit in 8/182 Coppin St, Richmond for $290,500.
Oliver expects the final clearance rate will be around 74%, which is up the previous weekend’s 66.6% and last year 49.7%. He added that sale volumes are now running 50% higher than year ago, but remain below the boom.
In the previous weekend there were 381 listings, 338 auctions and 235 sales totalling $167.9 million whilst last year there were 531 listings, 510 auctions and 267 sales totalling $225.2 million.
In the same weekend in 2018 clearances were 65.8% were from 763 listings, 697 auctions and 478 sales totalling $446.9 million. In 2017 it was 75.6% from 897 listings, 847 auctions and 656 sales totalling $638.9 million and in 2016 it was 72.4% from 929 listings, 846 auctions and 631 sales totalling $407.1 million.
The REIV reported a higher clearance rate of 81% in Melbourne last weekend from 486 auctions and 395 sales whilst 91 homes passed in, 46 on a vendor bid. Sales totalled $386 million. The City of Whitehorse had the highest clearance rate so far this year with 9% from 24 auctions. Led by Mitcham and Nunawading, each sold all six homes sold at auction.
There were also 108 private sales recorded, totalling $74 million.
The clearance rate in the previous weekend was 76% from 394 auctions and 60% last year from 559 auctions.
Brisbane
Brisbane delivered one of the best results in recent times, posting a clearance rate of 64% last weekend. According to Domain, of the 81 homes listed, 53 were auctioned and 35 sold whist 18 passed in.
Sales totalled $14.94 million and the median sale prices was $825,500. The most expensive property sold was a five bedrooms house in 12 Clay St, New Farm for $1,895,000 and cheapest was a three bedrooms house in 45 Grice Cr, Ningi for $370,000.
Across Queensland, the rate was 61% from 197 listings, 88 auctions and 54 sales whilst 30 properties passed in, according to Corelogic, which also reported 925 private transactions.
Adelaide
Adelaide also performed strongly, posting a rate of 76%. According to Domain, there were 53 listings, 31 auctions and 25 sales whilst six homes passed in.
Sales totalled $9.33 million and the median sale price was $525,000. The most expensive property sold was a three bedrooms house in 58 St Andrews St, Walkerville for $1,300,500 and cheapest was a three bedrooms house in 12 Walpole St, Davoren Park for $117,000.
Corelogic recorded a 74% rate from 89 listings, 50 auctions and 37 sales whilst 13 passed in. It also recorded 238 private sales.
Perth
Western Australia posted a high clearance rate of 88%. According to Corelogic, there were 24 listings and eight properties went under the hammer with seven selling and one passed in.
There were also 375 homes that sold privately.
Hobart
In Tasmania, clearances were 83% from six auctions and five sales, according to Corelogic. There were also 179 homes that changed hands privately.
Darwin
The Northern Territory had 10 listings and held eight auctions last weekend, resulting in five sales, according to Corelogic. It also reported 12 private sales.
| Auction highlights this week Saturday, 15 February 2020 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 74 Cascade St, Paddington NSW 2021, 3 br House, PhillipsPantzer Donnelley | $4,675,000 |
| Melbourne | 2/10-12 Well St, Brighton VIC 3186, 3 br Unit, Rt Edgar Elwood | $2,925,000 |
| Adelaide | 58 St Andrews St, Walkerville SA 5081, 3 br House, LJH Walkerville | Modbury | $1,300,500 |
| Brisbane | 12 Clay St, New Farm QLD 4005, 5 br House, Ray White Paddington | $1,895,000 |
| Canberra | 6 Welsh Pl, Chifley ACT 2606, 4 br House, McGrath Woden Property Management | $1,135,000 |
| Most affordable | ||
| Sydney | 10/39 Bathurst St, Liverpool NSW 2170, 2 br Unit, RW Parramatta/Oatlands/Northmead | $340,000 |
| Melbourne | 8/182 Coppin St, Richmond VIC 3121, 1 br Unit, Biggin & Scott Richmond | $290,500 |
| Adelaide | 12 Walpole St, Davoren Park SA 5113, 3 br House, HAR – Playford | $117,000 |
| Brisbane | 45 Grice Cr, Ningi QLD 4511, 3 br House, R&H Burpengary | $370,000 |
| Canberra | 16 Sellwood St, Holt ACT 2615, 3 br House, Luton Properties – Dickson | $496,000 |
