This article is from the Australian Property Journal archive
MORE than $1.4 billion worth of residential properties were sold under the hammer on the weekend as buyers and sellers came out in force across Melbourne and Sydney.
For the first time this year, Melbourne had over 1,000 auction listings last Saturday, according to the REIV.
Preliminary results show 1083 auctions were reported and 843 properties sold with 240 homes passed in, resulting in a strong clearance rate of 78%.
The result is an improvement from the previous weekend’s 75% from 953 auctions. The clearance rate was stronger than the same weekend last year’s 77%, although the number of listings were lower when compared to 1449 auctions.
CEO Enzo Raimondo said last Saturday’s result marks the highest point in auction activity since mid-December 2015.
“The top auction suburbs in the year to date are Craigieburn (31 auctions), Mooroolbark (28 auctions), Richmond (27 auctions) and Bentleigh East (26 auctions),” he added.
The total value of auction sales last weekend was $811.16 million, whilst 350 properties were sold privately for $197.85 million.
Domain’s chief economist Andrew Wilson said buyer and seller activity in Melbourne continues to rise as a robust, early season home auction market strengthens.
“Another leap in listings is likely to be comfortably absorbed by the Melbourne auction market, which continues to favour sellers in all regions and price ranges,” he added.
Sydney also recorded a higher clearance rate of 76.9% from 648 listings, 459 auctions and 379 sales totalling $366.6 million, according to APM.
The result is higher than the previous weekend’s 72% from 558 listings, 485 auctions and 376 sales, totalling $369.2 million.
However, it is below the same weekend last year, where the clearance rate was 80.9% from 819 listings, 765 auctions and 643 sales totalling a whopping $773.1 million.
Wilson said although the Sydney market is recording healthy clearance rates, auction numbers continue to track well below last year’s offerings, reflecting some ongoing fragility in seller confidence.
“This should, however, recover gradually as the encouraging results consolidate over coming weekends,” he forecast.
“The Sydney market heads into autumn with solid momentum driven by strong results from inner-suburban, higher-priced properties,” Wilson said.
Meanwhile Canberra had 59 listings and 49 auctions were reported with 34 selling for a total of $23.39 million. Adelaide had 80 listings, 32 auctions and 23 sales totalling $10.26 million. Finally, Brisbane had 127 listings, 57 auctions and 32 sales totalling $20.17 million, according to APM.
| Auction highlights this week, Saturday, 27 February 2016 Source: APM | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 22 Vernon St, Hunters Hill NSW 2110, 4 br House, BresicWhitney Hunters Hll | $6,510,000 |
| Melbourne | 3 Crestmont Ct, Toorak VIC 3142, 4 br House, Melbourne Sotheby’s International Realty Toorak | $5,795,000 |
| Adelaide | 7 Malcolm St, Millswood SA 5034, 5 br House, Turner Real Estate | $1,230,000 |
| Brisbane | 162 Sanctuary Dr, Mount Cotton QLD 4165, 5 br House, REMAX First Choice Results | $1,400,000 |
| Canberra | 10/15 Dalman Cr, O’Malley ACT 2606, 5 br Townhouse, Peter Blackshaw Manuka Pty Ltd | $1,660,000 |
| Most affordable | ||
| Sydney | 1/59 Eastern Rd, Tumbi Umbi NSW 2261, 2 br Villa, FN The Entrance | $325,000 |
| Melbourne | 4/8 Kangaroo Rd, Murrumbeena VIC 3163, 1 br Unit, Woodards Carnegie | $280,000 |
| Adelaide | 20 Ocean Bvd, Seacliff Park SA 5049, 3 br House, Magain Real Estate – Happy Valley | $385,000 |
| Brisbane | 6 Catherine St, Beenleigh QLD 4207, 3 br House, Tessa Residential Oxley | $301,000 |
| Canberra | 10 Dalton Pl, Florey ACT 2615, 3 br House, FN Capital | $450,000 |
Australian Property Journal
