This article is from the Australian Property Journal archive
THE auction market has had a strong start to the autumn season despite the long weekend holiday distraction in four capital cities.
National
Listings were substantially lower on the weekend due to the holidays in ACT, Victoria, Tasmania and South Australia.
As a result, there were 1,232 properties listed of which 907 were auctioned and 768 sold, representing a clearance rate of 84.7%, according to Domain.
Volumes totalled $754.4 million and the median house and unit sale prices were $1,297,500 and $745,000.
In comparison the previous weekend had 2,174 listings, 1,968 auctions and 1,509 sales totalling $1.356 billion and a 76.7% clearance rate.
Last weekend’s clearance rates were higher than last year’s 67.7% from 1,191 listings, 1,076 auctions and 728 sales but totalled $903.5 million.
Sydney
Sydney clearance rates remain elevated, although listings declined last weekend. Of the 665 homes listed, 526 were auctioned and 455 sold resulting in a preliminary clearance rate of 86.5%.
Volumes totalled $525 million and the median house and unit sale prices were $1,707,500 and $875,000.
In the prior weekend rates were 83% from 743 listings, 699 auctions and 580 sales totalling $638.6 million. This time last year the rate was 74% from 689 listings, 608 auctions and 450 sales totalling $673.8 million.
Melbourne
After two consecutive Super Saturdays, the market took a breather last weekend. Due to the holiday, listings fell significantly in Melbourne.
According to Domain, there were 405 listings, 267 auctions and 212 sales. The preliminary clearance rate was 79.4%.
Volumes totalled only $168.9 million and the median house and unit sale prices were $991,800 and $610,000.
In the previous weekend the rate was 73.6% from 1,215 listings, 1,064 auctions and 783 sales totalling $615.3 million. Last year it was 62.1% from 358 listings, 330 auctions and 205 sales totalling $182.3 million.
The REIV reported a clearance rate of 85% from 341 auctions and 289 sales whilst 52 properties passed in, 18 of those on a vendor bid.
This is compared to the previous weekend’s 84% from 1,125 auctions and 72% from 366 auctions last year.
Volumes totalled $290 million and there were also 264 private sales totalling $213 million.
Canberra
Listings also declined in Canberra due to the holiday. According to Domain, there were 39 listings, 36 auctions and 32 sales.
Volumes totalled $24.111 million and the median sale price was $829,500.
Corelogic reported 87 private sales.
Brisbane
Brisbane clearances rocketed to 84% last weekend. Domain reported 69 listings, 44 auctions and 37 sales.
Volumes totalled $17.306 million and the median sale price was $1,010,500.
Across Queensland, Corelogic recorded a 75% clearance rate from 184 listings, 68 auctions and 51 sales. It also reported 1,348 private sales.
Adelaide
Listings dipped slightly as South Australia celebrated Adelaide Cup holiday. According to Domain, there were 54 listings, 34 auctions and 32, resulting in a 94% clearance rate.
Sales totalled $19.068 million and the median sale price was $738,000.
Corelogic reported 371 private sales.
Hobart
There were no auctions held last weekend in Tasmania although 241 homes sold privately, according to Corelogic.
Darwin
The Northern Territory recorded a 100% clearance rate from five listings, three auctions and three sales. According to Corelogic, there were also 19 private transactions.
| Auction highlights this week Saturday, 6 March 2021 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 25 Abbotsford Pde, Abbotsford NSW 2046, 6 br House, Devine Real Estate Drummoyne | $7,000,000 |
| Melbourne | 21 Thomas St, Kew VIC 3101, 4 br House, RW Balwyn | $6,400,000 |
| Adelaide | 51 Cremorne St, Malvern SA 5061, 5 br House, Harris Real Estate – Copper Coast R | $1,940,000 |
| Brisbane | 63 Kingsholme St, Teneriffe QLD 4005, 5 br House, RW Ascot | $2,795,000 |
| Canberra | 7A Gregory St, Griffith ACT 2603, 4 br Townhouse, Belle Property Canberra | $1,900,000 |
| Most affordable | ||
| Sydney | 24/25 Norfolk St, Liverpool NSW 2170, 3 br Unit, Alive Realty | $364,000 |
| Melbourne | 19/187 McKean St, Fitzroy North VIC 3068, 1 br Unit, LITTLE Real Estate Victoria | $377,000 |
| Adelaide | 1/26 East Pde, Kingswood SA 5062, 2 br Unit, Smallacombe RE | $370,000 |
| Brisbane | 28 Kenneth St, Morayfield QLD 4506, 3 br House, Jamie Wyvill Property | $230,000 |
| Canberra | 155/81 Kennedy St, Kingston ACT 2604, 2 br Unit, Belle Property Canberra | $500,000 |
