This article is from the Australian Property Journal archive
AUCTION clearance rates increased last weekend, largely due to the continued decline in listings. The prestige residential market shows no signs of abating with a Mosman home selling under the hammer for $10.6 million.
National
Although listings declined again last weekend, it was not uniform. They increased in Sydney but declined substantially in Melbourne.
According to Domain, there were 1,150 listings, 676 auctions and 543 sales reported, resulting in a clearance rate of 80.3%. Volumes totalled $522.2 million and the median house and unit sale prices were $1,280,000 and $995,000.
Clearances are higher than the previous weekend’s 75.5% where there were 1,398 listings, 856 auctions and 646 sales totalling $572.5 million.
This time last year the rate was 61.4% from 645 listings, 627 auctions and 385 sales totalling $506.5 million.
Sydney
For the first time in over a month, listings increased above 500 properties in Sydney.
There were 511 homes scheduled for auction and 375 went under the hammer with 311 selling, resulting in a clearance rate of 82.9%.
But sale volumes declined to $340 million and the median house and unit sale prices were $1,700,000 and $1,150,000.
Last weekend’s auction was headlined by the sale of 11 Wolseley Road Mosman, which sold for $10.60 million by agents Belle Property. The approximately 660 sqm, five bedrooms house features three bathrooms and its interiors were designed by award winning designers Luchetti Krelle.
Clearances were stable from the previous weekend’s 82.7% where there were 496 listings, 439 auctions and 363 sales totalling $383.6 million.
Despite the lockdown, clearances are outperforming last year’s 62.5% where there were 523 listings, 507 auctions and 317 sales. Although volumes were higher at $445.4 million.
Melbourne
Listings fell sharply in Melbourne by more than 200 properties last weekend. However that helped boost clearance rates higher to 76.2%. Of the 414 homes listed, 164 auctions and 125 sales were reported, according to Domain.
Volumes totalled $98.7 million and the median sale price was $1,089,500.
The REIV reported a 95% clearance rate from 148 auctions and 141 sales, totalling $164 million. There were also 114 private sales totalling $92 million.
In the previous weekend clearances were 64% from 626 listings, 214 auctions and 137 sales totalling $97.8 million. Last year the market reported only seven auctions and two sales during the second lockdown.;
Canberra
Although clearances were high at 83%, market activity has continued to decline due to the lockdown. According to Domain, there were 28 listings, 12 auctions and 10 sales. Sales totalled only $7.621 million, a far cry from a week before lockdown (August 07) when sales totalled $48.87 million.
Corelogic reported 52 private sales.
Brisbane
Brisbane reported a 78% clearance rate. Of the 91 homes listed, 63 were auctioned and 49 sold, according to Domain.
Sales totalled $42.489 million and the median sale price was $1,210,000.
Corelogic recorded 1,275 private sales.
Adelaide
Adelaide reported a 77% rate. There were 106 listings, 62 auctions and 48 homes sold under the hammer. According to Domain, sales totalled $33,360,500 and the median sale price was $815,000.
Corelogic reported 305 private sales.
Perth
Western Australia recorded a 50% rate from two auctions as well as 558 private sales, according to Corelogic.
Hobart
There were no auctions on the weekend in Tasmania but 168 properties sold privately.
Darwin
The Northern Territory reported a 100% rate from one auction and 18 private sales.
| Auction highlights this week Saturday, 11 September 2021 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 11 Wolseley Rd, Mosman NSW 2088, 5 br House, Belle Property Mosman | $10,600,000 |
| Melbourne | 67 Blessington St, St Kilda VIC 3182, 6 br House, Belle Property St Kilda | $3,300,000 |
| Adelaide | 4 Fourth Av, St Peters SA 5069, 4 br House, Belle Property Norwood | $2,355,000 |
| Brisbane | 17 Boston St, Clayfield QLD 4011, 5 br House, Havig & Jackson | $3,525,000 |
| Canberra | 7/10 Taronga Pl, O’Malley ACT 2606, 4 br Townhouse, Luton Properties – Manuka | $1,505,000 |
| Most affordable | ||
| Sydney | 5/13-15 Brodie St, Yagoona NSW 2199, 2 br Townhouse, Richard Matthews RE | $657,000 |
| Melbourne | 7/2 Armadale St, Armadale VIC 3143, 1 br Unit, Belle Property South Yarra | $410,000 |
| Adelaide | 19 Brunton St, Elizabeth North SA 5113, 3 br House, LJH | Greenwith | Golden Grove | Mawson Lakes | Modbury | $245,000 |
| Brisbane | 25 Dowden St, Goodna QLD 4300, 2 br House, RW Augustine Heights | $241,000 |
| Canberra | 62 Abercorn Cr, Isabella Plains ACT 2905, 3 br House, The Property Collective | $846,000 |
