Auction clearance rates linger below 50%

AUSTRALIA's residential auction clearance rates have lingered below 50% with Sydney edging slightly closer to the mark last Saturday, according to Australian Property Monitors Home Price Guide.

The Home Price Guide shows there were fewer properties going under the hammer on the weekend in Sydney which helped nudge auction clearance rates higher.

 

Sydney auctioned 193 properties and sold 112 – resulting in a clearance rate of 48.3% – up from 46.3% a week earlier when 226 properties were auctioned and 118 sold.

 

Fewer sales last weekend saw a drop in the total value of properties sold to $81.8 million – almost 50% below the same time last year’s result of $158.5 million. The weekend’s most expensive sale was a four bedroom house in Willoughby for $2.1 million. the cheapest was a one bedroom unit in Liverpool for $150,000.

 

Melbourne’s preliminary data shows 221 properties were auctioned and 111 were sold delivering a clearance rate of 48.1%. The results of 281 properties have remained unreported to date.

 

Last Saturday Melbourne sold $53 million worth of properties and the most expensive was a five bedroom house in Eaglemont for $2.43 million and cheapest was a housing lot in Caroline Springs for $122,000.

 

Adelaide auctioned 21 properties and sold nine totalling $3.7 million. Brisbane saw 42 properties go under the hammer and 13 were sold totalling $4.8 million.

 

Australian Property Journal

 

Home Price Guide® Auction Results – SYDNEY SUMMARY

	This Saturday 23 Aug 2008	Last Saturday 16 Aug 2008	This Saturday Last Year 25 Aug 2007
Total Listed for auction	259	260	321
Withdrawn	39	29	31
Unreported to date	27	5	14
Number Reported Auctioned	193	226	276
Number Passed in	78	107	73
Sold Prior	44	36	62
Sold Under the hammer	68	82	140
Total Number sold	112	118	202
Total Dollar value sold	$81.8M	$91.1M	$158.5M
Sold After	3	2	1
Clearance Rate	48.3%	46.3%	65.8%

52 Week hi – 66%
52 Week low – 40%

Dearest:
68 Marlborough Rd, Willoughby. 4 br house. Richardson & Wrench Willoughby $2,100,000

Cheapest:
44/142 Moore St, Liverpool. 1 br unit. Century 21 Combined Liverpool $150,000

 

Home Price Guide® Auction Results – MELBOURNE SUMMARY

	This Saturday 23 Aug 2008	Last Saturday 16 Aug 2008	This Saturday Last Year 25 Aug 2007
Total Listed for auction	512	487	668
Withdrawn	10	7	10
Unreported to date	281	45	44
Number Reported Auctioned	221	435	614
Number Passed in	99	185	114
Sold Prior	33	60	104
Sold Under the hammer	78	182	392
Total Number sold	111	242	496
Total Dollar value sold	$53.0M	$116.3M	$273.7M
Sold After	11	9	16
Clearance Rate	48.1%	54.8%	79.5%

52 Week hi – 90%
52 Week low – 40%

Dearest:
25 Devon St, Eaglemont. 5 br house. Jellis Craig & Company Hawthorn $2,430,000

Cheapest:
Lot 171 Lancely Grn, Caroline Springs. land. YPA Estate Agents Caroline Springs $122,000

 

Home Price Guide® Auction Results – ADELAIDE SUMMARY

	This Saturday 23 Aug 2008	Last Saturday 16 Aug 2008	This Saturday Last Year 25 Aug 2007
Total Listed for auction	29	26	67
Withdrawn	0	2	2
Unreported to date	8	2	4
Number Reported Auctioned	21	22	61
Number Passed in	12	17	11
Sold Prior	3	2	8
Sold Under the hammer	6	2	41
Total Number sold	9	4	49
Total Dollar value sold	$3.7M	$1.6M	$23.6M
Sold After	0	1	1
Clearance Rate	42.9%	16.7%	77.8%

52 Week hi – 100%
52 Week low – 11%

Dearest:
8 Barrelder Rd, Torrens Park. 3 br house. Smallacombe Real Estate Mitcham $932,000

Cheapest:
52 Rose St, Ottoway. 3 br house. Brock Harcourts Semaphore $285,000

 

Home Price Guide® Auction Results – BRISBANE SUMMARY

	This Saturday 23 Aug 2008	Last Saturday 16 Aug 2008	This Saturday Last Year 25 Aug 2007
Total Listed for auction	68	73	60
Withdrawn	7	5	0
Unreported to date	19	4	0
Number Reported Auctioned	42	64	60
Number Passed in	29	44	25
Sold Prior	2	4	12
Sold Under the hammer	11	16	20
Total Number sold	13	20	32
Total Dollar value sold	$4.8M	$8.9M	$16.9M
Sold After	0	0	3
Clearance Rate	26.5%	29.0%	53.3%

52 Week hi – 66%
52 Week low – 0%

Dearest:
7 Davidson Tce, Newstead. 5 br house. Professionals New Farm $1,220,000

Cheapest:
Lot 11 Varley St, Lowood. land. LJ Hooker Gatton $88,000

 

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.