This article is from the Australian Property Journal archive
AUCTION clearances declined below 70% as listings and sales fell sharply on the weekend.
National
AMP Capital chief economist Shane Oliver said a combination of the Sydney and Brisbane lockdowns with the mid-winter lull dragged down activity.
After a record 2,558 listings in the previous weekend as the market rushed to get ahead of the lockdown, last weekend saw listings plunge to 1,869 properties, according to Domain.
1,319 auctions and 942 sales were reported resulting in a preliminary clearance rate of 71.4%.
Volumes also fell by around 50% to $760.8 million compared to the previous weekend’s $1.45 billion. The median house and unit sale prices were $1,205,500 and $737,500.
In the previous weekend there were 2,172 auctions and 1605 sales representing a 63.9% clearance rate. And this time last year, the rate was 59.6% from 917 listings, 868 auctions and 517 sales totalling $615.5 million.
Sydney
After a stellar performance in the last weekend of June, the lockdown dragged down the market with 792 homes listed, 507 auctions and 352 sales, resulting in a preliminary clearance rate of 69.4%. Volumes more than halved to $329.2 million and the median house and unit sale prices were $1,560,000 and $985,000.
Oliver expects the final clearance rate will be around 64%, which will be 10% lower than the previous weekend.
In the previous weekend volumes were $716 million. There were 961 listings, 864 auctions and 651 sales resulting in a 75.3% rate. This time last year the rate was 61.7% from 454 listings, 428 auctions and 264 sales totalling $389.1 million.
Melbourne
Melbourne entered the mid-winter lull with 853 homes listed, 654 auctions and 478 sales, according to Domain. The preliminary clearance rate was 73.1%.
Sales totalled $360.1 million and the median house and unit sale prices were $1,085,000 and $675,000.
In comparison the previous weekend recorded 1,322 listings, 1,070 auctions and 771 sales totalling $604.5 million and a 72.1% clearance rate. Last year it was, it was 57.6% from 365 listings, 349 auctions and 201 sales totalling $185 million.
The REIV reported 218 private sales totalling $182 million.
Canberra
Canberra continues to lead the way with 44 listings, 37 auctions and 31 sales, resulting in a 84% clearance rate.
Volumes totalled $26.352 million and the median sale price was $848,000.
Brisbane
Brisbane emerged out of lockdown at 6PM on Saturday but it was too late for the auction market. There were 88 listings, 59 auctions and 32 sales totalling $13.496 million. The median sale price was $938,000.
Adelaide
Adelaide also continued to perform strongly with 92 listings, 62 auctions and 49 sales. The clearance rate was 79%. Sales totalled $31.628 million and the median sale price was $785,500.
Perth
Western Australian had a 67% clearance rate from 20 listings, three auctions and two sales, according to Corelogic. There were also 674 private sales.
Hobart
Tasmania no auctions last weekend but 165 properties sold privately.
Darwin
The Northern Territory also reported no auctions but 16 homes sold privately.
| Auction highlights this week Saturday, 3 July 2021 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 22A Musgrave St, Mosman NSW 2088, 4 br House, Belle Property Mosman | $10,088,000 |
| Melbourne | 25-35 Garton St, Princes Hill VIC 3054, 4 br House, Woodards | $4,560,000 |
| Adelaide | 91 Eighth Av, St Peters SA 5069, 4 br House, T&T Real Estate | $2,235,000 |
| Brisbane | 34 Majestic Out, Seven Hills QLD 4170, 3 br House, Place Estate Agents Woolloongabba | $2,155,000 |
| Canberra | 7 Gilruth St, Hackett ACT 2602, 3 br House, home.byholly | $1,632,000 |
| Most affordable | ||
| Sydney | 12/17 Hampden Rd, Artarmon NSW 2064, 3 br Unit, Laing+Simmons Artarmon | $400,000 |
| Melbourne | 4/22 Murrumbeena Rd, Murrumbeena VIC 3163, 1 br Unit, Woodards Carnegie | $300,000 |
| Adelaide | 19 Anselm St, Christie Downs SA 5164, 3 br House, LJH Fleurieu | $272,000 |
| Brisbane | 44 Saint Johns Wy, Boronia Heights QLD 4124, 5 br House, Your Address Real Estate | $580,000 |
| Canberra | 10/7 Medley St, Chifley ACT 2606, 2 br Unit, Luton Properties – Manuka | $407,000 |
