This article is from the Australian Property Journal archive
THE urgency to buy a home has waned with last weekend showing sales have fallen by over $1.5 billion.
With the prospect of interest rate increases every month for remainder of 2022, prospective buyers continue to pull back.
According to Domain, there were 1,911 property listings of which 1,326 were auctioned and 776 sold, resulting in a 58.5% clearance rate. Volumes totalled $591.6 million, the median house and unit sale prices were $1,186,000 and $760,000.
Sales are weaker than the previous weekend’s $831.8 million. Activity also declined from 2,195 listings, 1,928 auctions and 1,016 sales, a 52.7% clearance rate.
Volumes are well down on last year’s $2.18 billion and clearances of 73.2%. There were 2,449 listings, 2,259 auctions and 1,653 sales.
Sydney listings rose to 772 properties but only 488 auctions and 274 sales were reported. Volumes totalled $261.9 million and the clearance rate was 56.1%. The median house and unit sale prices were $1,558,888 and $925,000.
In the previous weekend there were 753 listings, of which 637 auctions and 321 sales were reported resulting in a 50.4% clearance rate and totalling $334.8 million.
This time last year sales exceeded $1 billion. There were 936 listings, 871 auctions and 663 sales totalling $1.11 billion and 76.1% clearance rate.
Melbourne sales also declined to $258.9 million. Of the 848 homes listed, 649 went under the hammer and 378 sold, resulting in a 58.2% clearance rate. The median house and unit sale prices were $1,057,500 and $700,500.
In the previous weekend the clearance rate was 53% from 1,136 listings, 1,004 auctions and 532 sales totalling $393.4 million. This time last year it was 70.2% from 1,241 listings, 1,118 auctions and 785 sales totalling $875 million.
Canberra’s clearances dipped to 53%. There were 76 listings, 58 auctions and 31 sales reported. Volumes totalled $19.531 million and the median sale price was $892,500.
Brisbane’s rates improved to 68% from 38% in the previous weekend. Of the 92 properties listed, 60 were auctioned and 41 sold. Volumes totalled $21.419 million and the median sale price was $1,143,750.
Adelaide remains the top performer with 73% clearance rates. There were 123 listings, 71 auctions and 52 sales totalling $29.818 million. The median sale price was $676,000.
| Auction highlights this week Saturday, 25 June 2022 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 1 Prince Rd, Killara NSW 2071, 6 br House, RW Upper North Shore | $5,000,000 |
| Melbourne | 61 Walker St, Clifton Hill VIC 3068, 3 br House, Nelson Alexander Commercial | $2,680,000 |
| Adelaide | 7A Hawthorn Cr, Hazelwood Park SA 5066, 4 br House, HAR Pilgrim | $2,150,000 |
| Brisbane | 81 Quay St, Bulimba QLD 4171, 3 br House, Belle Property – Bulimba | $2,001,550 |
| Canberra | 10 Cherry Pl, Pearce ACT 2607, 4 br House, Independent Woden | $2,020,000 |
| Most affordable | ||
| Sydney | 20/3-7 Ocean St, Penshurst NSW 2222, 1 br Unit, St George Property Agents – Penshur | $455,000 |
| Melbourne | 26/1 Manchester La, Melbourne VIC 3000, 0 br Studio, Inner Real Estate NEXTRE | $305,000 |
| Adelaide | 18/4-6 Clapton Dr, Paralowie SA 5108, 2 br Unit, Professionals Manning Vella Real Es | $310,000 |
| Brisbane | 7 Hinchinbrook Av, Bethania QLD 4205, 3 br House, RW Marsden | $545,000 |
| Canberra | 28/1 Gungahlin Pl, Gungahlin ACT 2912, 1 br Unit, Blackshaw City & Inner North | $350,000 |
