This article is from the Australian Property Journal archive
THE auction market made a strong comeback on the weekend with $1 billion worth of properties sold, as Australia’s two largest cities move ahead with ending lockdown restrictions.
National
Vendor confidence returning in Melbourne helped push listings and clearance rates higher across Australia.
According to Domain, listings soared to 1,858 properties last weekend, of which 1,344 auctions and 1,076 sales were reported.
Sales totalled $963.50 million, the median house and unit sale prices were $1,221,000 and $805,500.
In the previous weekend the rate was 79.3% from 1,255 listings, 1,047 auctions and 830 sales totalling $708.7 million.
Last year there were 922 listings, 859 auctions and 563 sales totalling $757 million and resulting in a 65.5% clearance rate.
Sydney
After declining in recent weeks, listings rebounded last weekend. There were 611 properties on offer, 441 auctions and 377 sales were reported, resulting in a 85.5% clearance rate. Sales totalled $416.6 million, and the median house and unit sale prices were $1,745,000 and $971,500.
In the previous weekend the rate was 81.3% from 456 listings, 396 auctions and 322 sales totalling $355.9 million. This time last year, the rate was only 66.4% from 705 listing, 660 auctions and 438 sales totalling $655. Million.
Melbourne
Confidence is returning with 932 homes listed last weekend. There were 686 auctions and 510 sales reported, totalling $396.2 million. The clearance rate was 74.3%.
The median house and unit sale price was $1,075,500 and $692,000.
Listings are significantly higher than the previous weekend where there were 571 homes listed, of which 452 went under the hammer and 350 sold, totalling $242.3 million. This time last year clearances were 56.3% from 43 listings, 32 auctions and 18 sales, totalling $13 million.
The REIV reported a clearance rate of 86% from 875 auctions and 750 sales whilst 125 properties were passed in, 47 of those on a vendor bid. Auction volumes totalled $888.78 million. At the same time, 201 private sales worth $175 million were recorded.
Canberra
Conditions are returning to pre-lockdown levels in the capital city with clearances strengthening to 89%.
According to Domain, there were 69 listings, 62 auctions and 55 sales. Volumes totalled $48.077 million and the median sale price was $994,250.
Corelogic reported 31 private sales.
Brisbane
Brisbane also recorded a strong 84% clearance rate. Of the 127 homes listed, 79 went under the hammer and 66 sold. Sales totalled $59.101 million and the median sale price was $1,285,000.
Corelogic reported 1,227 private sales.
Adelaide
Adelaide performed strongly with a 89% rate. According to Domain, there were 119 listings, 76 auctions and 68 sales. Volumes totalled $43.513 million and the median sale price was $755,000.
Corelogic reported 285 private sales.
Perth
Western Australia posted a 100% rate from two auctions, according to Corelogic, which also reported 576 private sales.
Hobart
Tasmania did not report any auction activity, however 165 homes sold privately.
Darwin
The territory recorded a 100% rate from three auctions as well as 24 private sales.
| Auction highlights this week Saturday, 9 October 2021 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 4/5 Oyama Av, Manly NSW 2095, 3 br Unit, Clarke & Humel Property Management Pty Ltd | $8,600,000 |
| Melbourne | 1 Hewitt Ct, Strathmore VIC 3041, 4 br House, McDonald Upton | $3,740,000 |
| Adelaide | 71 Edward St, Norwood SA 5067, 6 br House, T&T Real Estate | $3,000,000 |
| Brisbane | 78 Coventry St, Hawthorne QLD 4171, 5 br House, RW Bulimba – Lanya | $3,635,000 |
| Canberra | 15 Condamine St, Turner ACT 2612, 3 br House, Independent Inner North & City | $2,290,000 |
| Most affordable | ||
| Sydney | 2/8 Heydon St, Mosman NSW 2088, 3 br Unit, Di Jones Lower North Shore Chatswood | $345,000 |
| Melbourne | 15/273 Williams Rd, South Yarra VIC 3141, 1 br Unit, Woodards South Yarra | $345,000 |
| Adelaide | 78 Sullivan Tce, O’Sullivan Beach SA 5166, 3 br House, Professionals Aldinga & Seaford | $340,000 |
| Brisbane | 5 Queens Rd, Hamilton QLD 4007, 5 br House, RW – New Farm | $555,000 |
| Canberra | 28/28 Torrens St, Braddon ACT 2612, 1 br Unit, HAR Brindabella | $440,000 |
