This article is from the Australian Property Journal archive
CANBERRA and Sydney led the auction market last Saturday whilst Melbourne was distracted by Melbourne Cup weekend.
Melbourne was largely absent, as a result the national market reported 1,138 listings, 740 auctions and 601 sales, representing a preliminary clearance rate of 73%, according to Domain.
Sales totalled $522.6 million and the median house and unit sale prices were $1,200,000 and $931,500 respectively.
In the previous weekend the rate was 68.8% from 2,260 listings, 1,936 auctions and 1,412 sales totalling $1.146 billion.
This time last year clearances were only 40.1% from 1,091 listings, 794 auctions and 404 sales totalling $463.4 million. In 2017 it was 58.4% from 1,413 listings, 1,167 auctions and 776 sales totalling $978.8 million.
Sydney
Punters turn up across Sydney last weekend as listings picked up. There were 695 properties scheduled for auction, 484 went under the hammer and 412 sold, resulting a preliminary clearance rate of 77.2%, according to Domain.
Sales totalled $393.4 million and the median house and unit sale prices were $1,511,000 and $985,000. The most expensive property sold was a four bedrooms house in 118 Young St, Cremorne for $7.32 million and cheapest was a two-bedroom house in 15 Hudson Pde, Birrong for $425,000.
AMP Capital chief economist expects the final clearance rate will be around 72%, which is slightly higher than the previous weekend’s 70.8%, where there were 643 listings, 525 auctions and 417 sales, totalling $381.5 million.
The weekend result was significantly better than this time last year, clearances were only 42% from 632 listings, 422 auctions and 246 sales totalling $340.9 million.
However, it remains below the same period in 2017, although clearances were lower in 2017 of 58% due to higher activity. There were 938 listings, 739 auctions and 507 sales totalling $752.2 million.
Melbourne
Due to the Melbourne Cup, the market subdued with only 174 properties listed of which 110 went under the hammer and 84 sold for a total of $67.1 million. The most expensive property sold was six bedrooms house in 6-8 Lisbon St, Glen Waverley for $4,980,000 and the cheapest was three bedrooms apartment in 2/5 Joan Ct, Noble Park North for $460,000.
The REIV recorded 194 private sales totalling $134 million.
In the previous weekend there were 1,399 listings, 1,258 auctions and 915 sales totalling $721.3 million. Clearances were 70.3%.
The result is similar to previous years, in 2018 clearances were 38% from 159 listings, 131 auctions and 51 sales totalling $39.8 million and in 2017, it was 67.3% from 170 listings, 157 auctions and 113 sales totalling $92.4 million.
Canberra
Canberra bounced back strongly following a slump in the previous weekend. According to Domain, there were 66 listings, 50 auctions and 42 sales, resulting in clearances of 81%.
Sales totalled $32.59 million and the median sale price was $822,000. The most expensive property sold was a five-bedrooms house in 21 Hall St, Hall for $1,650,000 and cheapest was a four bedrooms house in 177 Starke St, Holt for $580,000.
Brisbane
Brisbane’s clearances were 49%. There were 121 listings, 54 auctions and 32 sales totalling $17.49 million. The median sale price was $828,000.
The most expensive property sold was a six bedrooms house in 20 Hatherton Cr, Carindale for $1,985,000 and the cheapest was one bedroom house in 6 Bay Tce, Wynnum for $456,000.
Corelogic reported a 48% rate from 313 listings, 140 auctions and 67 sales whilst 69 properties passed in. There were also 903 private sales.
Adelaide
Adelaide posted a 62% rate from 82 listings, 42 auctions and 31 sales totalling $12.03 million. The median sale price was $615,000.
The most expensive property sold was a five bedrooms in 8 Radnor Av, Rostrevor for $1,290,000 and cheapest was a three bedrooms house in 20 St Leonard Cr, Elizabeth Downs for $180,000.
Corelogic also recorded 309 private sales.
Perth
Western Australia recorded a low 35% clearance rate from 45 listings, 20 auctions and seven sales whilst 10 passed in, according to Corelogic, there were also 439 private sales.
Hobart
There were no auctions held in Tasmania last weekend although 190 properties sold privately, according to Corelogic.
Darwin
Four properties were scheduled for auction and three went under the hammer with one selling resulting in a 33% rate, according to Corelogic. There were also 15 private sales.
| Auction highlights this week Saturday, 2 November 2019 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 118 Young St, Cremorne NSW 2090, 4 br House, Di Jones Lower North Shore Chatswood | $7,320,000 |
| Melbourne | 6-8 Lisbon St, Glen Waverley VIC 3150, 6 br House, LLC Real Estate | $4,980,000 |
| Adelaide | 8 Radnor Av, Rostrevor SA 5073, 5 br House, LJH Commercial Adelaide | $1,290,000 |
| Brisbane | 20 Hatherton Cr, Carindale QLD 4152, 6 br House, Place Estate Agents Ascot | $1,985,000 |
| Canberra | 21 Hall St, Hall ACT 2618, 5 br House, Independent Gungahlin | $1,650,000 |
| Most affordable | ||
| Sydney | 15 Hudson Pde, Birrong NSW 2143, 2 br House, Response Riverstone | $425,000 |
| Melbourne | 2/5 Joan Ct, Noble Park North VIC 3174, 3 br Unit, Del Real Estate | $460,000 |
| Adelaide | 20 St Leonard Cr, Elizabeth Downs SA 5113, 3 br House, RW Craigmore | $180,000 |
| Brisbane | 6 Bay Tce, Wynnum QLD 4178, 1 br House, LJH Avnu | Brisbane Inner South | $456,000 |
| Canberra | 177 Starke St, Holt ACT 2615, 4 br House, McGrath Estate Agents Dickson, Projects | $580,000 |
