This article is from the Australian Property Journal archive
THE national clearance rate has held strong against improved auction activity over the last week.
According to the latest figures from Domain, nationally there were 1,943 auctions listed, after 1,505 the week before, with 1,366 auctions reported up slightly from 1,343.
At 69.3%, the national clearance rate was up again last week’s 64.3%, with 946 properties selling at auction up from 846 in the week prior, with 162 properties withdrawn, up from 139.
Compared to the same week last year, the clearance rate was down from 72.7%, where 2,577 properties were listed, 2,434 auctions reported and 1,665 sold.
The total value sold this week was $854.2 million, with houses bringing in an auction median of $1,264,000 and units at $820,000.
This was improved from last week’s $796.1 million, with the auction median for houses up from $1,229,000 and units down marginally from $827,500.
Compared to the same week last year, the total value sold was down significantly from $2588.1 million, with the house auction median at $1,422,000 and the unit auction median at $821,000.
According to CoreLogic’s preliminary results, homes taken to auction over the week saw a 29.6% uptick from the previous week, though is 29.3% down from the same period in 2022.
In Sydney the clearance rate saw a jump from 69.3% to 73.5%, with 437 reported auctions, 84 withdrawals and 321 properties selling.
The city’s top sale this week at 14 Russell St in Woollahra on a 658sqm block brought in $9,875,000 under the hammer.
Built in 2007, the prestige five-bedroom, four-bathroom home is positioned cul-de-sac adjoining the exclusive Harbourview Park, with a 16-metre lap pool, four-car lock up garage and a multi-purpose architect’s studio and a guest suite with private entry.
Sydney’s total value sold at auction was down to $368.2 million this week, with an improved auction median of $1,816,000 for houses and $1,173,000 for units.
This was again well down from the same week last year, where 868 auctions were reported, with 631 properties selling for a total value of $1263.0 million.
In Melbourne the clearance rate was also up from 61.6% to 67.4%, with 760 reported auctions, 68 withdrawals and 512 properties selling.
Melbourne’s biggest auction return was found in Hawthorn for a second week, in a six-bedroom home at 9 Yarra Street, at $5,505,000.
Known as “Glucksberg”, the Victorian tower residence was originally designed by the same architect known for the suburbs most iconic mansions and public buildings, including the Town Hall.
The total value sold in Melbourne was $413.9 million, or an auction median of $1,171,000 for houses and units at $748,000.
By comparison, the same week last year in Melbourne saw 1,213 auctions reported, with 772 sold for a total value of $1056.7 million.
While in Adelaide, the clearance rate was again up on the national rate at 85%. With 54 auctions reported, with two withdrawn and 46 properties sold, for $31,105,500 in total sales and a median of $819,000.
In Brisbane the clearance rate was stable at 59%, with 46 auctions reported, two withdrawals and 27 sold, for $17,328,000 in total sales and a median of $980,000.
Finally, Canberra’s clearance rate was at 58%, with 69 auctions reported, six withdrawn and 40 properties sold for a total value at $23,753,000 and a median of $1,020,000.
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 14 Russell St, Woollahra NSW 2025, 5 br House, The Agency Hunter Valley PM | $9,875,000 |
| Melbourne | 9 Yarra St, Hawthorn VIC 3122, 6 br House, Kay & Burton – Hawthorn | $5,505,000 |
| Adelaide | 1 Simpson Pde, Goodwood SA 5034, 4 br House, Williams Real Estate RLA 247163 | $1,850,000 |
| Brisbane | 24 Ridge St, Northgate QLD 4013, 5 br House, Place Estate Agents Ascot | $2,695,000 |
| Canberra | 10 Rankin St, Campbell ACT 2612, 5 br House, P & P Real Estate | $2,875,000 |
| Most affordable | ||
| Sydney | 7/6 Holborn Av, Dee Why NSW 2099, 1 br Unit, Raine&Horne Dee Why/Collaroy | $570,000 |
| Melbourne | 1/7-9 Eldridge St, Footscray VIC 3011, 2 br Unit, Hodges | $290,000 |
| Adelaide | 10 St Georges Wy, Blakeview SA 5114, 4 br House, Harris Real Estate – Copper Coast R | $478,000 |
| Brisbane | 17 Birch St, Marsden QLD 4132, 3 br House, RW Marsden | $489,000 |
| Canberra | 44/23 Aspinall St, Watson ACT 2602, 1 br Unit, Wright Dunn Real Estate | $421,000 |
