$60m question, is auction still alive?

MELBOURNE's auction market has hit an all time low last Saturday. According to Australian Property Monitors' Home Price Guide, the weekend reported just over $60 million worth of sales.

Last Saturday’s auction performance is a sad reminder of boom times Melbourne had a year ago when $251.4 million worth of properties was sold.

 

A total of 256 properties were reported for auction last Saturday and 137 were sold resulting in a clearance rate of 52.3%.

 

The most expensive property sold was a three bedroom in Canterbury for $2.34 million and cheapest was a four bedroom house in Greenvale for $130,000.

 

On the other hand the auction market in Sydney posted a better result on the weekend compared to a week earlier. There were 233 properties auctioned and 129 sold resulting in a clearance rate of 49.2%.

 

But no surprise, the market remains well below last year’s 263 listings and 180 sales.

 

Last Saturday, Sydney sold $91.3 million worth of properties and the most expensive was a four bedroom house in Manly for $3.12 million and cheapest was a two bedroom unit in Liverpool for $190,000.

 

Adelaide reported 38 auctions and 19 sales totalling $8.2 million and Brisbane had 35 properties go under the hammer of which 11 were sold totalling $3.8 million.

 

Australian Property Journal

 

Home Price Guide® Auction Results – MELBOURNE SUMMARY

	This Saturday 21 Jun 2008	Last Saturday 14 Jun 2008	This Saturday Last Year 23 Jun 2007
Total Listed for auction	530	581	676
Withdrawn	6	12	9
Unreported to date	268	73	56
Number Reported Auctioned	256	496	611
Number Passed in	117	203	114
Sold Prior	35	67	106
Sold Under the hammer	102	216	385
Total Number sold	137	283	491
Total Dollar value sold	$60.5M	$136.5M	$251.4M
Sold After	4	11	12
Clearance Rate	52.3%	55.7%	79.2%

52 Week hi – 90%
52 Week low – 40%

Dearest:
25 Alexandra Av, Canterbury. 3 br house. Kay & Burton South Yarra $2,340,000

Cheapest:
44 Haddington Cr, Greenvale. 4 br house. Barry Plant Gladstone Park $130,000

 

Home Price Guide® Auction Results – SYDNEY SUMMARY

	This Saturday 21 Jun 2008	Last Saturday 14 Jun 2008	This Saturday Last Year 23 Jun 2007
Total Listed for auction	297	306	301
Withdrawn	29	38	20
Unreported to date	35	12	18
Number Reported Auctioned	233	256	263
Number Passed in	103	120	82
Sold Prior	38	49	52
Sold Under the hammer	91	84	128
Total Number sold	129	133	180
Total Dollar value sold	$91.3M	$88.7M	$137.4M
Sold After	1	5	1
Clearance Rate	49.2%	45.2%	63.6%

52 Week hi – 69%
52 Week low – 42%

Dearest:
30 Addison Rd, Manly. 4 br house. McGrath Estate Agents $3,120,000

Cheapest:
13/34-36 Castlereagh St, Liverpool. 2 br unit. Devine Real Estate $190,000

 

Home Price Guide® Auction Results – ADELAIDE SUMMARY

	This Saturday 21 Jun 2008	Last Saturday 14 Jun 2008	This Saturday Last Year 23 Jun 2007
Total Listed for auction	48	56	50
Withdrawn	2	1	1
Unreported to date	8	6	4
Number Reported Auctioned	38	49	45
Number Passed in	19	24	5
Sold Prior	7	9	13
Sold Under the hammer	12	16	27
Total Number sold	19	25	40
Total Dollar value sold	$8.2M	$10.8M	$14.0M
Sold After	0	0	0
Clearance Rate	47.5%	50.0%	87.0%

52 Week hi – 100%
52 Week low – 33%

Dearest:
10 Thorngate St, Thorngate. 4 br house. Brock Harcourts Colonel Light Gardens $1,060,000

Cheapest:
2/409 Tapleys Hill Rd, Fulham Gardens. 2 br house. LJ Hooker West Lakes $270,700

 

Home Price Guide® Auction Results – BRISBANE SUMMARY

	This Saturday 21 Jun 2008	Last Saturday 14 Jun 2008	This Saturday Last Year 23 Jun 2007
Total Listed for auction	58	78	77
Withdrawn	2	5	9
Unreported to date	21	5	3
Number Reported Auctioned	35	68	65
Number Passed in	24	45	31
Sold Prior	3	9	11
Sold Under the hammer	8	13	20
Total Number sold	11	22	31
Total Dollar value sold	$3.8M	$15.8M	$21.4M
Sold After	0	3	5
Clearance Rate	29.7%	30.1%	41.9%

52 Week hi – 66%
52 Week low – 0%

Dearest:
71 McLennan St, Albion. 4 br house. Ray White Ascot $790,000

Cheapest:
168 Lobb St, Churchill. 3 br house. Ray White Ipswich $209,250

 

Note: The Clearance Rate is the percentage of properties sold under the hammer or prior to auction compared to the total number of reported auctions plus properties withdrawn from auction.

 

Source: www.homepriceguide.com.au. Copyright Australian Property Monitors 2008.