This article is from the Australian Property Journal archive
SYDNEY’S auction market continues to feel the impact of the lockdown but in other capital cities, activity picked up again last weekend.
National
Last weekend listings bounced back up to 2,009 properties after declining below 2,000 mark in the previous weekend. According to Domain, 1,371 auctions and 1,042 sales were reported so far, resulting in a preliminary clearance rate of 76%.
Volumes totalled $858.4 million, the median house and unit sale prices were $1,157,500 and $770,500.
Listings are higher than the previous weekend’s 1,875 properties, where 1,555 auctions and 1,076 auctions were recorded, resulting in a 69.2% clearance rate. Volumes totalled $857.9 million.
This time last year, Victoria spent its first weekend after a second lockdown was introduced on Thursday July 9, which lasted 112 days. As a result, auction activity fell sharply with 935 listings, 884 auctions and 468 sales, representing a 52.9% clearance rate and $500.9 million in volumes.
Sydney
The Greater Sydney area was under lockdown for the second weekend in a row and the market is feeling the impact, but it is holding up so far.
Listings dipped slightly to 782 homes of which 487 went under the hammer and 360 sold, representing a preliminary rate of 73.9%. Volumes totalled $346.7 million and the median house and unit sale prices were $1,640,000 and $1,100,000.
AMP Capital chief economist Dr Shane Oliver said although the Sydney market is holding up, the market will likely slow fewer properties are inspected.
He expects the final clearance rate will be around 71%, which is higher than the previous weekend’s 69.2% from 796 listings, 581 auctions and 402 sales totalling $374.6 million.
But the market is stronger than last year’s 449 listings, 395 auctions and 239 sales totalling $318.5 million.
Melbourne
Activity picked up in Melbourne as restrictions were eased at midnight on Thursday. There were 977 homes scheduled, of which 720 auctions and 550 sales were reported. The preliminary clearances were 76.4% and volumes totalled $421.8 million, according to Domain.
The REIV reported 719 auctions and 572 sales whilst 147 properties passed in. Volumes totalled $590 million. At the same time, 182 homes sold privately for $158 million.
In the previous weekend clearances were 70.2% from 854 listings, 781 auctions and 548 sales totalling $404.2 million. Last year, there were 383 auctions, 174 sales and 159 homes were withdrawn after the second lockdown was introduced. As a result, sales totalled only $143.7 million.
Canberra
Canberra’s stellar run continued with strong clearances of 89%. According to Domain, there were 68 listings, 54 auctions and 48 sales.
Sales totalled $38.385 million and the median sale price was $920,000.
Adelaide
Adelaide was not far behind with clearance rates of 85%. Of the 71 homes listed, 41 were auctioned and 35 sold under the hammer.
Sales totalled $23.047 million and the median sale price was $781,500.
Brisbane
Brisbane also performed strongly with 71% clearance rates. Of the 111 properties listed, 69 auctions and 49 sales were recorded.
Sales totalled $28.461 million and the median sale price was $918,500.
Perth
In Western Australia, the rate was 63% from 20 listings, eight auctions and five sales, according to Corelogic.
Hobart
Tasmania scored a 100% success rate from auctions.
Darwin
The Northern Territory reported a 50% rate from two auctions.
| Auction highlights this week Saturday, 10 July 2021 (Source Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 18 Mandolong Rd, Mosman NSW 2088, 6 br House, The Agency North | $7,990,000 |
| Melbourne | 48 Websters Rd, Templestowe VIC 3106, 4 br House, RT Edgar – Manningham | $3,747,000 |
| Adelaide | 54 Seafield Av, Kingswood SA 5062, 5 br House, RW Unley | $2,010,000 |
| Brisbane | 25 Sellheim St, Grange QLD 4051, 4 br House, RW Wilston | $1,870,000 |
| Canberra | 116 Strickland Cr, Deakin ACT 2600, 4 br House, Blackshaw Manuka | $2,110,000 |
| Most affordable | ||
| Sydney | 10/7 Harold St, Parramatta NSW 2150, 2 br Unit, McGrath Parramatta | $463,000 |
| Melbourne | 11/20-22 Oxford St, Box Hill VIC 3128, 2 br Unit, Belle Property Balwyn | $339,000 |
| Adelaide | 13 Brixton Rd, Elizabeth North SA 5113, 3 br House, RW Norwood | $274,000 |
| Brisbane | 23/15 Lane Ct, Mount Warren Park QLD 4207, 3 br Unit, RW – Beenleigh | $206,500 |
| Canberra | 5/26 Springvale Dr, Hawker ACT 2614, 1 br Unit, LJH Belconnen | $210,000 |
