Auction listings rebound following holidays

AUCTION activity saw a 6.3% bump up this week, as the school holidays wrapped up in Victoria and left more time for buyers.

According to the latest figures from Domain, nationally there were 1,244 auctions listed, up from 1114 the week before, with 828 auctions reported up from 914.

At 70.3%, the national clearance rate was up from last week’s revised 68.6%, with 582 properties selling at auction down from 627 in the week prior, with 96 properties withdrawn, down from 103.

Compared to the same week last year, the clearance rate was up from 50.5%, where 1,463 properties were listed, 1,3-3 auctions were reported and 658 were sold.

The total value sold this week was at $543.1 million, with houses bringing in an auction median of $1,181,000 and units at $787,500.

This was down from last week’s $566.4 million, with the auction median for houses at $1,145,000 and units at $743,500.

Compared to the same week last year, the total value sold was down from $791 million, with the house auction median at $1,175,000 and the unit auction median at $845,000.

According to CoreLogic’s preliminary data, there was a 6.3% increase in auctions this week, with 1,518 homes auctioned across the combined capitals, reflecting a 10.1% drop from numbers recorded this time last year.

In Sydney the clearance rate was down from 71.5% to 69.9%, with 329 reported auctions, 54 withdrawals and 230 properties selling.

Sydney’s total value sold at auction was up at $257.5 million this week, with an auction median of $1,727,000 for houses and $925,500 for units.

With activity down from the same week last year, where 520 auctions were reported, with 261 properties selling for a total value of $415 million.

The top under the hammer sale for the weekend was a four-bedroom four-bathroom brick home at 20 Livingstone Street in Sydney’s Burwood, bringing in $6,150,000, the auction saw seven registered bidders with three active on the day.

Joe Bousimon from Belle Property Strathfield was the selling agent for the property, which property had a guide of$4.7 million to $5 million and a reserve of $5.4 million.

In Melbourne the clearance rate was up from 65.4% to 73.4%, with 368 reported auctions, 33 withdrawals and 270 properties selling.

The total value sold in Melbourne was $233.9 million, or an auction median of $1,100,500 for houses and units at $655,000.

By comparison, the same week last year in Melbourne saw 551 auctions reported, with 285 sold for a total value of $279.4 million.

While in Adelaide, the clearance rate was above the national rate at 74%. With 47 auctions reported, two withdrawn and 35 properties sold, for $23,376,000 in total sales and a median of $840,000.

In Brisbane the clearance rate came in at 63%, with 46 auctions reported, three withdrawals and 29 sold, for $18,052,000 in total sales and a median of $1,350,000.

Finally, Canberra’s clearance rate was at 47%, with 38 auctions reported, four withdrawn and 18 properties sold for a total value at $10,260,000 and a median of $835,000.