This article is from the Australian Property Journal archive
At 75.1%, Australia’s combined capital cities saw their highest preliminary clearance rate in over a year, shrugging off the Reserve Bank’s recent decision to raise interest rates.
According to the latest figures from Domain, nationally there were 1,441 auctions listed, up from 1,341 the week before, with 995 auctions reported down from 1,176.
At 75.6%, the national clearance rate was up on last week’s 67.1%, with 752 properties selling at auction down marginally from 789 in the week prior, with 91 properties withdrawn, up from 108.
Compared to the same week last year, the clearance rate was up significantly from 56.5%, where 1,639 properties were listed, 1,512 auctions reported and 855 sold.
The total value sold this week was $685.2 million, with houses bringing in an auction median of $1,200,000 and units at $860,000.
This was down marginally from last week’s $687.5 million, with the auction median for houses up from $1,113,500 and units from $757,500.
Compared to the same week last year, the total value sold was down significantly from $1123.2 million, with the house auction median at $1,220,000 and the unit auction median at $747,000.
In Sydney the clearance rate was significantly improved from 66.3% to 78.0%, with 359 reported auctions, 51 withdrawals and 280 properties selling.
Sydney’s total value sold at auction was down to $305.8 million this week, with an auction median of $1,700,000 for houses and $1,070,000.
With activity similar in the same week last year, where 495 auctions were reported, with 261 properties selling for a total value of $465.2 million.
In Melbourne the clearance rate was also up from 70.1% to 75.5%, with 440 reported auctions, 32 withdrawals and 370 properties selling.
The total value sold in Melbourne was $299.6 million, or an auction median of $1,085,000 for houses and units at $732,250.
By comparison, the same week last year in Melbourne saw 700 auctions reported, with 382 sold for a total value of $442.3 million.
While in Adelaide, the clearance rate was just up on the national rate at 76%. With 50 auctions reported, with one withdrawn and 38 properties sold, for $22,872,500 in total sales and a median of $715,000.
In Brisbane the clearance rate came in at 65%, with 48 auctions reported, two withdrawals and 31 sold, for $27,016,000 in total sales and a median of $1,065,000.
Finally, Canberra’s clearance rate was at 69%, with 48 auctions reported, five withdrawn and 33 properties sold for a total value at $29,870,000 and a median of $965,000.
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 8 Arcadia St, Coogee NSW 2034, 4 br House, McGrath – Coogee | $5,4750,000 |
| Melbourne | 45 St Vincent Pl, Albert Park VIC 3206, 4 br House, Cayzer Real Estate Albert Park | $5,500,000 |
| Adelaide | 18 Elderslie Av, Fitzroy SA 5082, 3 br House, Harris Real Estate – Copper Coast R | $2,605,000 |
| Brisbane | 96 Towers St, Ascot QLD 4007, 5 br House, RW Ascot | $4,300,000 |
| Canberra | 38 Scottsdale St, Lyons ACT 2606, 4 br House, Blackshaw Manuka | $2,825,000 |
| Most affordable | ||
| Sydney | 85/13-15 Hassall St, Parramatta NSW 2150, 1 br Unit, ELD Inner West Enfield | $405,000 |
| Melbourne | 11 Koroit Av, Dallas VIC 3047, 3 br House, Barry Plant Glenroy | $365,500 |
| Adelaide | 30 Edgecombe St, Woodville North SA 5012, 2 br House, Turner Real Estate | $421,000 |
| Brisbane | 4413/18 Parkside Cct, Hamilton QLD 4007, 1 br Unit, Waller Properties Ascot | $475,000 |
| Canberra | 7A/21 Beissel St, Belconnen ACT 2617, 2 br House, LJH Belconnen | $540,000 |
