This article is from the Australian Property Journal archive
OVER $1.5 billion worth of homes were sold under the hammer over Super Saturday, with Sydney and Melbourne hosting this year’s biggest autumn auction weekend.
Melbourne recorded a clearance rate of 75% from 1,476 auctions, according to the REIV. The total value of auction sales $1.04 billion.
REIV CEO Enzo Raimondo said Melbourne’s south-eastern suburbs are dominating the auction market this weekend with more than 400 auctions.
The previous weekend’s clearance rate was 69% from 391 auctions, although it was the Labour Day holiday. In the same weekend last year, the rate was 76% from 1,209 auctions.
At the same time, there were 332 private sales totalling $203.93 million.
Sydney had a similar clearance rate of 75.8% from 911 listings, 639 auctions and 519 sales reported, according to Australian Property Monitors. The total value of auction sales was $501.2 million.
The result is up from the previous weekend’s 69.2% from 592 listings, 496 auctions and 382 sales totalling $357.3 million.
However the market is significantly below the same weekend last year, where the clearance rate was 84.1% from 724 listings, 668 auctions and 588 sales totalling $708.2 million.
Domain Group chief economist Andrew Wilson said despite the auction surge, this year’s pre-Easter Super Saturday was significantly lower than last year’s all-time record of 1,128 auctions.
“Sydney’s weekend auction market continues to be characterised by lower numbers of listings with sellers remaining on the sidelines.
“Lower listings may be pushing up clearance rates as buyers compete for a smaller pool of available homes,” he said.
Wilson added that last weekend’s 75.8% clearance rate is well below the boom-time 84% recorded over the same weekend last year.
“Auction clearance rates for the Sydney market have been remarkably consistent over the past six weekends. Weekend rates have averaged 75% with a low of 72.5% and a high of 76.9% reflecting a market still generally good for most sellers.
“However some regions are performing better than others – inner city, higher-priced regions are consistently recording strong results while outer suburban markets to the west of the city are notably weaker,” he added.
Brisbane also hosted a Super Saturday weekend with 178 listings. Wilson said this is a new record for auction activity for any day, surpassing the previous high of 158 set over the same pre-Easter Super Saturday last year.
Brisbane reported 57 auctions and 28 sales totalling $15.57 million, according to APM.
Canberra had 92 listings, 64 auctions and 45 sales totalling $27.56 million.
Finally Adelaide had 108 listings, 66 auctions and 49 sales totalling $26.95 million.
| Auction highlights this week Saturday, 19 March 2016 Source: APM. | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 9 South St, Strathfield NSW 2135, 7 br House, Devine RE | $5,710,000 |
| Melbourne | 39 Duke St, Windsor VIC 3181, 5 br House, RT Edgar Toorak | $4,850,000 |
| Adelaide | 10 Ayr Av, Torrens Park SA 5062, 3 br House, Harris Real Estate – Glenelg | $980,000 |
| Brisbane | 56 Henderson St, Camp Hill QLD 4152, 4 br House, Place Estate Agents Aspley | $1,420,000 |
| Canberra | 29 McLachlan Cr, Weetangera ACT 2614, 6 br House, Luton Properties – Belconnen | $1,510,000 |
| Most affordable | ||
| Sydney | 6/199 Auburn Rd, Yagoona NSW 2199, 2 br Unit, RW Bankstown | $380,000 |
| Melbourne | 2/25 Ridley St, Albion VIC 3020, 2 br Unit, Barry Plant Sunshine | $180,000 |
| Adelaide | 9 Loman St, Morphett Vale SA 5162, 3 br House, RW Christies Beach | $250,000 |
| Brisbane | 11 Linning St, Mount Warren Park QLD 4207, 3 br House, Elders RE Shailer Park | $300,000 |
| Canberra | 22 Tregear Cl, Theodore ACT 2905, 3 br House, Wright Dunn Real Estate | $321,000 |
Australian Property Journal
