This article is from the Australian Property Journal archive
AUCTION clearance rates held up on the weekend despite an increase in listings. At the same time, regional Victoria house prices climbed by 22.8% with Geelong, Newton and Lake Wendouree now boasting a $1m median for the first time in history.
National
The return of Melbourne and Sydney continues to boost the market with listings climbing to 1,970 properties on the weekend, according to Domain. There were 1,388 auctions and 1,091 sales reported, resulting in a clearance rate of 78.6%.
Auction sales totalled $1.026 billion and the median house and unit sale prices were $1,232,500 and $812,500 respectively.
In the previous weekend the clearance rate was 79.1% from 1,863 listing, 1,604 auctions and 1,269 sales, totalling $1.096 billion. This time last year, the rate was 67.4% from 896 listings, 826 auctions and 557 sales totalling $760.5 million.
Sydney
After declining in the previous weekend, listings rebounded in Sydney last weekend. There were 677 homes on offer, of which 490 were auctioned and 402 sold, according to Domain. The clearance rate was 82%.
Sale volumes also climbed to $497.4 million, the median house and unit sale prices were $1,720,000 and $1,044,000.
In the previous weekend, clearances were higher at 83.7% due to fewer properties on the market. There were 610 listings, 522 auctions and 437 sales totalling $477.8 million. Last year it was 71.5% from 637 listings, 586 auctions and 419 sales totalling $646.9 million.
Melbourne
Melbourne listings climbed higher as the easing of lockdown 6.0 looms. There were 993 homes on offer, of which 709 went under the hammer and 526 sold. The clearance rate was 74.2% and volumes totalled $400.1 million, the median house and unit sale prices were $1,055,000 and $655,000.
In the previous weekend the rate was 73.9% from 936 listings, 796 auctions and 588 sales totalling $439.6 million. The market continues to outperform last year’s lockdown 2.0, where clearances were a low 56.9%. There were 127 listings, 109 auctions and 62 sales totalling $53.4 million.
The REIV reported a 88% clearance rate from 911 auctions and 803 sales totalling $942.23 million. At the same time, 261 homes sold privately totalling $222 million.
At the same time, Victoria’s residential median property prices have broken new records with four consecutive quarters showing highest-ever results, according to the REIV.
Regional Victoria recorded an annual growth rate of 22.8% for houses and 18.8% for units, the highest annual growth recorded for over a decade.
Median house prices in Geelong, Newtown and Lake Wendouree have reached $1 million for the first time and Wangaratta (19% growth), Lucas (14.1%) and Point Lonsdale (13.4%) are among the state’s top-growth areas.
Melbourne has 173 suburbs with at least a million-dollar median house price, with the overall median now $1,072,500 – a 13.8% annual change, 6% for the September quarter.
REIV president Adam Docking said price growth is reflective of high demand during a period that had a relatively lower number of listings.
“The September quarter also had the most number of days of complete COVID-19 lockdown, which had significant impact on the real estate market’s workings and, ultimately, resulted in less stock and fewer transactions
“There’s a distinct correlation between a lack of activity in the market and prices and as Victoria emerges from COVID-19 restrictions, we expect the market to stabilize. That said, a late start to the typically busy spring selling season means momentum should continue through to Christmas, and a return to in-person inspections is giving buyers and sellers more confidence to transact.” Docking said.
Canberra
Activity is returning to pre-lockdown levels with clearances soaring to 89%. Domain reported 67 listings, 57 auctions and 51 sales totalling $47.476 million. The median sale price was $860,000.
Corelogic reported 52 private sales.
Brisbane
Brisbane reported a 82% clearance rate on the weekend. Of the 112 homes listed, 67 were auctioned and 55 sold. Sales totalled $42.857 million and the median sale price was $1,200,000, according to Domain.
Meanwhile Corelogic reported 1,390 private sales.
Adelaide
It was a busy weekend in Adelaide with 121 auction listings. Domain recorded 65 auctions and 57 sales, resulting in a clearance rate of 88%.
Sales totalled $38.206 million and the median sale price was $817,500.
At the same time, 319 homes sold privately, according to Corelogic.
Perth
Western Australia reported a 40% clearance rate from five auctions and two sales, according to Corelogic. There were also 618 private sales.
Hobart
Tasmania did not report any auctions although 185 properties sold privately.
Darwin
The Northern Territory had 100% clearance rate from two auctions as well as 20 private sales.
| Auction highlights this week Saturday, 16 October 2021 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 14 Murra Murra Pl, Little Bay NSW 2036, 5 br House, RW Eastern Beaches | $9,300,000 |
| Melbourne | 13 Chelmsford St, Balwyn North VIC 3104, 4 br House, Nelson Alexander Kew | $3,330,000 |
| Adelaide | 45 Watson Av, Rose Park SA 5067, 4 br House, Klemich Real Estate | $2,627,000 |
| Brisbane | 6 Mabel St, Clayfield QLD 4011, 5 br House, Havig & Jackson | $3,100,000 |
| Canberra | 8 Akame Cct, O’Malley ACT 2606, 5 br House, Blackshaw Manuka | $4,550,000 |
| Most affordable | ||
| Sydney | 2/29-33 Campbell St, Liverpool NSW 2170, 1 br Unit, C21 Combined Liverpool | $355,000 |
| Melbourne | 7/8 Melbourne St, Murrumbeena VIC 3163, 1 br Unit, Woodards Carnegie | $315,000 |
| Adelaide | 2 Bardia Av, Findon SA 5023, 2 br House, LJH Flinders Park | $417,500 |
| Brisbane | 331 Stanley Rd, Carina QLD 4152, 3 br House, WJ Tobin Real Estate | $690,000 |
| Canberra | 89/10 Hinder St, Gungahlin ACT 2912, 1 br Unit, Manage Me – Property Sales | $350,000 |
