Auction listings surge a week out from election

RESIDENTIAL auction listings surged by more than 40% last weekend as sellers expect the market will be distracted by the federal election and sausage sizzles.

According to Domain, there were 2,372 auction listings across Australia, 1,624 homes went under the hammer and 1,008 sold resulting in a 62.1% clearance rate. Volumes totalled $877.1 million and the median house and unit sale prices were $1,215,000 and $792,000.

Activity was significantly higher than the previous weekend where there were 1,679 listings, 1,395 auctions and 811 sales totalling $694.9 million. The clearance rate was 58.1%.

Although auction listings are on par with last year, clearance rates and volumes are well down from $2.46 billion. With interest rates expected to rise to 2% by year-end, sales continue to decline. There were 2,371 listings, 2,270 auctions and 1,687 sales representing a 74.3% rate.
Domain chief of research and economics Dr Nicola Powell with the election around the corner, there was a surge in the number of auctions this Saturday in anticipation of next week’s short-lived dip.

“Nationally, we’re seeing auction volumes similar with last year showcasing sellers are still wanting to get deals done despite the market losing momentum. The balance between buyer and seller price expectations continues to be stretched as auction clearance rates soften,” said Powell.

Auction volumes have improved this week with Brisbane witnessing its busiest Saturday of the year and Adelaide will see its second busiest weekend of the year. Melbourne, Canberra and the combined capitals will have the busiest Saturday on record for this time of year. Sydney will see its second busiest.

Sydney reported clearances of 57.3% from 810 listings, 543 auctions and 311 sales totalling $331.8 million. The median sale price was $1,727,500 and $1,060,000. Its higher than the previous weekend’s 53.1% from 579 listings, 478 auctions and 254 sales totalling $266.8 million.

But this time last year the market was buoyant with sales of $1.351 billion and strong 77.1% clearance rate. There were 969 listings, 935 auctions and 721 sales.

Melbourne listings surged above 1,000 properties with 1,165 homes on offer of which 853 auctions and 531 sales were reported, resulting in a 62.3% clearance rate. Volumes totalled $431.9 million and the median house and unit sale price was $1,120,000 and $723,000.

In the previous weekend clearances were only 55.9% from 767 listings, 662 auctions and 370 sales totalling $291.5 million. In the same weekend last year clearances were 72.4% from 1,154 listings, 1,086 auctions and 786 sales totalling $953.9 million.

Brisbane reported a 64% rate from 142 listings, 80 auctions and 51 sales totalling $34.803 million. The median sale price was $1,102,500.

Canberra recorded a 74% rate from 81 listings, 50 auctions and 37 sales totalling $24.326 million. The median sale price was $1,050,000.

Adelaide had the highest clearance rate across Australia of 80%. There were 174 homes listed of which 98 were auctioned and 78 sold. Volumes totalled $54.308 million and the median sale price was $850,500.