This article is from the Australian Property Journal archive
CANBERRA’S auction market continues to gain strength with clearance rates approaching 80% and elsewhere, they remain above 70% as listings begin to pick up.
National
A preliminary clearance rate of 74.7% was recorded across Australia last weekend, according to Domain. Activity picked up in the second weekend of the spring selling season with 1,393 properties listed, of which 972 went under the hammer and 790 sold. Auction sales totalled $645.8 million and the median house and unit prices were $1,125,000 and $723,000.
Clearances were 71.5% (prelim 76.7%) in the previous weekend from 1,308 listings, 1,142 auctions and 865 sales totalling $669.1 million. Last year the rate was 49.3% from 1,740 listings, 1,451 auctions and 788 sales totalling $863.2 million.
In 2017 the rate was 65.8% from 2,013 listings, 1,817 auctions and 1,272 sales totalling $1.5 billion, in 2016 it was 74.6% from 1,600 listings, 1,478 auctions and 1,141 sales totalling $1.25 billion and in 2015, it was 69.9% from 2,089 listings, 1,880 auctions and 1,370 sales totalling $1.43 billion.
Sydney
Sydney’s preliminary rate was 78%. According to Domain, there were 468 listings, 300 auctions and 268 sales totalling $245.7 million. The median house and sale prices were $1,337,500 and $930,000.
The most expensive property sold was a five-bedroom house in 46 Northwood Rd, Northwood for $3,710,000 and cheapest was a one-bedroom apartment in 10/23 Meriton St, Gladesville for $307,000.
AMP Capital chief economist Shane Oliver expects the final rate will be around 71%, which below the previous weekend’s 75%, where there were 447 listings, 380 auctions and 310 sales totalling $253.9 million.
Despite the decline, last weekend’s clearances remain above last year’s 48.4%, where there were more listings (561). There were 427 auctions and 246 sales totalling $357.8 million. The median house and unit sale prices were $1,467,000 and $956,250. It is also higher than 2017’s 59.2% where there were higher listings of 757, 629 auctions, 420 sales totalling $621.4 million.
Last weekend’s rates are at similar levels to 2016’s 77.5% from 575 listings, 511 auctions and 423 sales totalling $602.9 million. In 2015, the rate was 68.3% from 833 listings, 718 auctions and 531 sales totalling $654.9 million.
Melbourne
Clearance rates were steady despite the increase in volumes. According to Domain, there were 757 properties listed and 574 were auctioned, 451 sold resulting in a 76% preliminary clearance rate, which Oliver expects will be 71% once the final results are reported.
Total value of sales was $356.9 million, and the median house and unit sale prices were $1,082,000 and $655,000. The most expensive property sold was a 12 bedrooms house in 50 George St, Fitzroy for $4,625,000 and cheapest was a one bed apartment in 208/127-129 Fitzroy St, St Kilda for $255,000.
In the previous weekend the rate was also 71%from 704 listings, 640 auctions and 471 sales totalling $372.9 million.
Last year the rate was 50.2% where there were 937 listings, 822 auctions and 437 sales totalling $430.7 million. The median house and unit prices were $1,020,000 and $611,000.
The REIV also showed Melbourne’s rate was steady, reporting preliminary clearances of 77% from 616 auctions, 473 sales whilst 143 were passed in, 65 on a vendor bid. Auction volumes totalled $508.13 million. In comparison the previous weekend was 76% from 652 auctions and 57% from 827 auctions last year.
At the same time, 156 private home sales were recorded totalling $106 million.
According to Domain, last weekend’s clearance rates are comparable to the same weekend in 2017 which was 71.2%. However, there were substantially more properties (1,031) on the market, 988 were auctioned and 728 sold totalling $780.5 million. In 2016, the rate was 77.4% from 786 listings, 761 auctions and 598 sales totalling $568.7 million and in 2015, it was 73.2% from 988 listings, 917 auctions and 682 sales totalling $667.7 million.
Canberra
The nation’s capital was the star performer last weekend with a rate of 83%, according to Corelogic. Of the 47 properties listed, 30 were auctioned and 15 sold whilst five passed in. There were also 68 private sales.
Domain recorded a lower but still strong clearance rate of 74%. From the 51 listings, 40 auctions were held and 31 properties sold.
Sales totalled $22.627 million and the median price was $815,000. The moxt expensive property sold was a four bedrooms house in 9 Babbage Cr, Griffith for $2,000,000 and cheapest was a three bedrooms house in 24 Kirkland Cct, Macgregor for $495,000.
Brisbane
Brisbane’s clearance rate strengthened further last weekend to 55%. According to Domain, there were 72 listings, 35 auctions, 23 sales and 12 were passed in.
Sales totalled $16.13 million and the median price was $950,000. The most expensive was a two-bedroom apartment in 7/93 Dobson St, Ascot for $2,350,000 and cheapest was a three bedrooms house in 21 Alicia St, Nundah for $544,000.
Corelogic recorded a 54% rate for the state. Across Queensland, 227 properties were listed and 101 results reported with 56 properties selling whilst 42 passed in. There were also 770 homes that sold privately.
Adelaide
Adelaide was steady at 57%. According to Domain, there were 45 listings, 23 auctions, 17 sales and six properties passed in.
Volumes totalled $4.45 million, the most expensive sale was a three bedrooms house in 3 Lindsay Av, Myrtle Bank for $1,047,000 and cheapest was a three-bedroom house in 16 Radar St, St Agnes for $420,000.
Corelogic reported a similar 58% rate from 65 listings, 43 auctions and 25 sales whilst 16 were passed in. There were also 222 private sales.
Perth
Across Western Australia, Corelogic recorded a 67% rate from 18 listings, nine auctions and six sales whilst three homes passed in. At the same time, 324 homes sold privately.
Hobart
No auctions were held last weekend across Tasmania, but there were 155 private sales, according to Corelogic.
Darwin
The Northern Territory recorded a 100% rate from five listings, three auctions and three sales. It also reported 13 private sales, according to Corelogic.
| Auction highlights this week Saturday, 14 September 2019 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 46 Northwood Rd, Northwood NSW 2066, 5 br House, McGrath Lane Cove | $3,710,000 |
| Melbourne | 50 George St, Fitzroy VIC 3065, 12 br House, Nelson Alexander Commercial | $4,625,000 |
| Adelaide | 3 Lindsay Av, Myrtle Bank SA 5064, 3 br House, R&H Glenelg – RLA181524 | $1,047,000 |
| Brisbane | 7/93 Dobson St, Ascot QLD 4007, 2 br Unit, RW Ascot | $2,350,000 |
| Canberra | 9 Babbage Cr, Griffith ACT 2603, 4 br House, Peter Blackshaw Manuka, Projects | $2,000,000 |
| Most affordable | ||
| Sydney | 10/23 Meriton St, Gladesville NSW 2111, 1 br Unit, Belle Property – Hunters Hill | $307,000 |
| Melbourne | 208/127-129 Fitzroy St, St Kilda VIC 3182, 1 br Unit, Woodards Elsternwick | $255,000 |
| Adelaide | 16 Radar St, St Agnes SA 5097, 3 br House, HAR Sheppard Property RLA 211280 | $420,000 |
| Brisbane | 21 Alicia St, Nundah QLD 4012, 3 br House, HAR Clayfield | $544,000 |
| Canberra | 24 Kirkland Cct, Macgregor ACT 2615, 3 br House, RW Canberra | $495,000 |
