This article is from the Australian Property Journal archive
THE auction market ended the spring season on a high with more than 3,100 listings last weekend with Melbourne smashing the 2,000 properties ceiling for the first time.
National
According to Domain, 3,165 homes were listed, 2,228 auctions and 1,547 sales were reported, resulting in a clearance rate of 69.4%.
Volumes totalled $1,487.3 million and the median house and unit sale prices were $1,271,250 and $800,000.
Listings are substantially higher than the previous weekend’s 2,768 properties, of which 2,336 auctions and 1,635 sales were reported, representing a 70% clearance rate. Sales totalled $1403.0 million.
This time last year the rate was 69.7% from 1,721 listings, 1,635 auctions and 1,140 sales totalling $1,454.5 million.
Sydney
Following recent declines, listings rebounded in Sydney with 1,234 homes scheduled for auction. Domain reported 835 auctions and 611 sales, representing a 73.2% clearance rate. Volumes totalled $713.6 million and the median house and unit sale prices were $1,727,500 and $983,000.
In the previous weekend the rate was 66.7% from 1,075 listings, 952 auctions and 635 sales totalling $651.7 million. Last year it was 73.3% from 779 listings, 734 auctions and 538 sales totalling $831.8 million.
Melbourne
The surge in national listings was largely due to Melbourne where Domain reported 1,518 listings, 1,118 auctions and 733 sales totalling $614 million.
The median house and unit sale prices were $1,152,000 and $701,000.
In the previous weekend the rate was 69.1% from 1,280 listings, 1,042 auctions and 720 sales totalling $566.2 million. Last year
Last year the rate was 67% and there were 719 listings, 693 auctions and 464 sales totalling $499.5 million.
The REIV reported higher activity in Melbourne. It said Melbourne broke the 2,000 homes mark for the first time with 2,040 listings, 244 more than previous high of 1796 recorded in October 2017.
But the record will be short-lived with the REIV forecasting 2080 for next week.
REIV president Adam Docking said the strong numbers will be welcomed by home buyers.
“An increase in property supply over the next few weeks if good news for buyers, following a long period where fewer listings – but sustained demand – has, in many instances, played a role in lifting prices.
“Breaking through the 2000 auction listings barrier will be a significant milestone for the real estate sector in Victoria. It’s a sign of market strength that should buoy all participants in the sector.” Docking said.
Canberra
Canberra’s market shows no signs of abating. Domain reported 112 listings, 88 auctions and 70 sales, resulting in a 80% clearance rate.
Volumes totalled $63.313 million and the median sale price was $1,070,000.
Corelogic also reported 56 private sales.
Brisbane
Brisbane also continues to perform strongly with clearances of 72%. According to Domain, there were 132 listings, 90 auctions and 65 sales.
Volumes totalled $52.431 million and the median sale price was $1,310,000.
Corelogic also reported 1,521 private sales.
Adelaide
Adelaide’s clearance rates declined to 69%. Of the 169 homes listed, 98 went under the hammer and 68 sold. Sales totalled $43.955 million and the median sale price was $835,600.
There were also 367 private sales, according to Corelogic.
Perth
Western Australia recorded a 25% rate from eight auctions and two sales. At the same time, 706 homes sold privately, according to Corelogic.
Darwin
The Northern Territory did not report any auction activity but 18 homes sold privately.
Hobart
Similarly Tasmania also did not report any auctions but 197 properties sold privately.
| Auction highlights this week Saturday, 27 November 2021 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 1-27 Flinton St, Paddington NSW 2021, 4 br House, PPD Real Estate | $8,400,000 |
| Melbourne | 76 Armstrong St, Middle Park VIC 3206, 4 br House, Greg Hocking Jellis Craig Port Phillip | $9,800,000 |
| Adelaide | 14 Briar Av, Medindie SA 5081, 3 br House, Fox Real Estate | $3,225,000 |
| Brisbane | 3 Nindethana St, Indooroopilly QLD 4068, 4 br House, Dixon Estate Agents | $4,600,000 |
| Canberra | 17 Hampton Cct, Yarralumla ACT 2600, 4 br House, Blackshaw Manuka | $2,590,000 |
| Most affordable | ||
| Sydney | 5/6-8 May St, Eastwood NSW 2122, 1 br Unit, AnthonyTreesFirstNational | $441,000 |
| Melbourne | 16/170-172 Barkly St, St Kilda VIC 3182, 1 br Unit, Belle Property St Kilda | $330,000 |
| Adelaide | 35 Alawoona Rd, Munno Para SA 5115, 3 br House, LJH Property Specialists – Greenwit | $320,000 |
| Brisbane | 6/7 Stanley Tce, Taringa QLD 4068, 2 br Unit, Rissman and Co | $402,000 |
| Canberra | 35/22 Archibald St, Lyneham ACT 2602, 2 br Unit, Luton Properties – Dickson | $446,000 |
