This article is from the Australian Property Journal archive
ONLY four auction sales reported in Melbourne in the first weekend of spring as the stage four lockdown, which has been extended by a further two weeks, hits the market hard.
National
Due to the continued absence of Melbourne, national listings and sale volumes plunged last weekend, according to Domain. There were 578 properties listed, 454 were auctioned and 288 sold resulting in a preliminary clearance rate of 63.4%. Auction volumes totalled $213.6 million and the median house and unit sale prices were $1,127,500 and $787,000.
Although the clearance rate is higher than 58.3% in the previous weekend, activity is well down from 763 listings, 674 auctions and 393 sales totalling $328 million.
In contrast, in the first weekend of spring of 2019 the clearance rate was a solid 71.6%. Of the 1,352 homes listed, 1,238 went under the hammer and 886 sold totalling $1.02 billion. In 2018 clearances were lower at 51.5% but there more properties on the market with 1,627 listed, of which 1,379 were auctioned and 779 sold for $868.7 million. In 2017 the rate was 64.7% from 1,781 listings, 1,609 auctions and 1,110 sales totalling $1.26 billion; in 2016 it was 73.4% from 1,619 listings, 1,479 auctions, 1,130 sales for $1.25 billion; and in 2015 it was 71.25 from 1,888 listings, 1,702 auctions, 1,271 sales totalling $1.41 billion.
Sydney
The clearance rate weakened in Sydney as activity continued to decline, according to Domain. There were 437 listings, 338 auctions and 211 sales totalling $164.3 million. The median house and unit sale prices were $1,369,000 and $787,500.
Corelogic reported 1,485 private sales.
AMP Capital chief economist Shane Oliver expects the final rate will be around 56%, which will be lower than the previous weekend’s 61.1% from 511 listings, 457 auctions and 279 sales totalling $262 million. This time last year, the rate was 75% from 448 listings, 420 auctions and 315 sales for $457.1 million.
In the same weekend in 2018 clearances were 46.4% from 543 listings, 396 auctions and 229 sales totalling $340.5 million; in 2017 it was 63% from 688 listings, 550 auctions and 396 sales totalling $551.1 million; in 2016 clearances were 75.6% from 567 listings; 499 auctions and 410 sales totalling $563.4 million; and in 2015 it was 72.6% from 822 listings, 720 auctions, 566 sales totalling $761.2 million.
Melbourne
Stage four restrictions have seen the Melbourne market almost grind to a halt with only four auction sales reported on the weekend. There were 16 listings and 12 auctions held, according to Domain. The preliminary clearance rate was 33.3% and the volumes totalled only $0.5 million. This is down from the previous weekend the rate was 36.7% from 107 listings, 79 auctions and 29 sales totalling $21 million.
The REIV reported 116 private sales totalling $67 million.
The market’s hopes of restrictions winding back were dashed on Sunday after Premier Daniel Andrews announced stage four would be extended by a further two weeks to September 28.
The REIV yesterday criticised the lack of genuine consultation by Victorian government with business and called on government to allow one-on-one private appointment inspections of property.
“What we experienced was the classic example of ‘tick-box consultation’; that is where you put your case forward but are not really listened to, with government effectively ticking the box that required consultation,” CEO Gil King said.
REIV president Leah Calnan said the government is turning a blind eye to the significance of a property decision in people’s lives.
“The delay in allowing private inspections means that many people will be unable to make the move they so desperately have to make or commit to a property without seeing it first. That is unacceptable.
“These decisions compound the financial stress on Victorians and the Victorian economy and do nothing to help those suffering during these difficult times,” she added.
In the same weekend last year, Melbourne had 745 properties listed of which 666 were auctioned and 480 sold, representing a clearance rate of 72.1% and volumes totalled $493.2 million; in 2018 it was 55.6% from 855 listings, 773 auctions and 444 sales totalling $449.2 million; in 2017 it was 68.4% from 887 listings, 873 auctions and 609 sales totalling $627.2 million; in 2016 it was 75% from 843 listings, 808 auctions and 611 sales totalling $610.7 million; and in 2015 it was 73.3% from 876 listings, 821 auctions and 611 sales totalling $585.3 million.
Canberra
In the nation’s capital, the market remains strong with Domain reporting a clearance rate of 78%. There were 48 listings, 46 auctions and 36 homes sold under the hammer. Volumes totalled $23.37 million and the median sale price was $727,500.
Corelogic reported an even higher rate of 95% from 61 listings, 38 auctions and 36 sales. It also recorded 79 private sales.
Brisbane
Brisbane recorded a solid clearance rate for the second weekend in a row. According to Domain, there were 44 listings, 36 auctions and 22 sales resulting in a 61% clearance rate.
Sales totalled $17.61 million and the median sale price was $772,500.
Across the state the rate was lower at 55%, according to Corelogic. There were 131 listings, 58 auctions and 32 sales. On the other hand, 1,140 homes sold privately.
Adelaide
Adelaide posted a clearance rate of 68% from 33 listings, 22 auctions and 15 sales, according to Domain. Volumes totalled $7.8 million and the median sale price was $670,000.
Corelogic recorded a 62% rate from 66 listings, 34 auctions and 21 sales. It also reported 335 private transactions.
Perth
Western Australia’s clearances fell to 33%. There were 17 listings, nine auctions and three sales, according to Domain. At the same time 493 homes sold privately.
Hobart
In Tasmania there were three auctions on the weekend and two properties sold resulting in a 67% clearance rate. According to Corelogic, 176 homes also sold privately.
Darwin
In the Northern Territory, the rate was 80% from six listings, five auctions and four sales, according to Corelogic. There were also six private sales.
| Auction highlights this week Saturday, 5 September 2020 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 41 Newton Rd, Strathfield NSW 2135, 6 br House, Richard Matthews RE | $5,502,000 |
| Melbourne | 8/2A Dobson St, South Yarra VIC 3141, 2 br Unit, Belle Property South Yarra | $470,000 |
| Adelaide | 33 Dutton Tce, Medindie SA 5081, 4 br House, Williams Real Estate RLA 247163 | $1,490,000 |
| Brisbane | 36A Oxlade Dr, New Farm QLD 4005, 4 br House, RW – New Farm | $8,000,000 |
| Canberra | 55 Coranderrk St, Reid ACT 2612, 3 br House, Peter Blackshaw Manuka, Projects | $1,640,000 |
| Most affordable | ||
| Sydney | 6/15-17 Meehan St, Granville NSW 2142, 2 br Unit, C21 Western Real Estate | $436,000 |
| Melbourne | 8/2A Dobson St, South Yarra VIC 3141, 2 br Unit, Belle Property South Yarra | $470,000 |
| Adelaide | 5 Heytesbury Rd, Davoren Park SA 5113, 3 br Terrace, HAR – Playford | $148,000 |
| Brisbane | 69 Macquarie Cct, Fitzgibbon QLD 4018, 3 br House, Realsales Real Estate | $223,000 |
| Canberra | 2/132 Totterdell St, Belconnen ACT 2617, 3 br Townhouse, Luton Properties – Dickson | $465,000 |
