This article is from the Australian Property Journal archive
AFTER a holiday break, the auction market surged last weekend with an unprecedented three capital cities recording clearance rates above 90% and over $1 billion worth of homes selling under the hammer.
National
According to Domain, clearance rates strengthened last weekend despite a listings surge. Of the 1,903 properties scheduled for auction, 1,445 went under the hammer and 1,207 sold, resulting in clearances of 83.5%. Volumes totalled $1.091 billion and the median house and unit sale prices were $1,234,500 and $770,000.
Activity is up from the prior weekend, where listings were lower at 1,236 due to the long weekend in four capital cities. 1,093 properties were auctioned and 871 sold totalling $841.5 million.
Clearances are significantly stronger than this time last year – nine days prior to the federal government’s national lockdown to combat the spread of COVID-19.
Last year saw 1,987 listings, 1,803 auctions and 1,147 sales resulting in a 63.6% clearance rate and volumes totalling $1.282 billion.
Archistar chief economist Dr Andrew Wilson said auction markets last weekend saw boom time clearance rates.
“In an unprecedented result, three capitals recorded auction clearance rates above 90% with buyer activity continuing at record levels.
“Clearance rates are now tracking significantly higher than for the same period last year reflecting the rising impact of coronavirus restrictions on the market over autumn 2020,” he added.
“Auction numbers surged at the weekend following last Saturday’s distractions from long weekend holidays in Melbourne, Adelaide and Canberra. The weekend auction offerings in Sydney, Adelaide and Canberra were also higher than for the same weekend last year with Melbourne and Brisbane listings however lower by comparison.
“Weekend home auction markets continue to steam ahead with unprecedented results recorded in all capitals. Buyers will welcome the usual surge in auction numbers over the pre-Easter Super Saturday to be conducted in a fortnight,” Wilson said.
Sydney
The market remains buoyant with clearances of 90.4%. According to Domain, there were 716 listings, 541 auctions and 476 sales, totalling $519.1 million. The median house and unit sale prices were $1,595,000 and $1,101,000.
Wilson said the red-hot Sydney auction market produced another record local clearance rate at the weekend, exceeding 90% for the second time in three weekends.
“Most Sydney regions reported clearance rates above 90% at the weekend with the Central Coast, North West, Northern Beaches and Upper North Shore top performers.
“The clearance rate for units was a record result at 90.3%, just below houses at 90.4%,” he pointed out.
“The top reported Sydney auction sale at the weekend was a 5-bedroom home at 10 Beverley Pl Curl Curl that sold for $6,310,000.
“Sydney recorded a median price for houses sold at auction on the weekend of $1,550,000 which was well below the previous weekend’s $1,704,000 but 13.3% higher than the $1,367,500 recorded over the same weekend last year,”
In the previous weekend, the rate was 83.7% from 667 listings, 624 auctions and 522 sales totalling $601.2 million. Last year the rate was 67.6% from 1,147 listings, 1,037 auctions and 650 sales totalling $664.3 million.
Melbourne
According to Domain, Melbourne reported a 80% rate from 978 listings, 756 auctions and 603 sales. Volumes totalled $486 million, the median house and unit sale prices were $1,121,500 and $703,750.
The REIV reported a 82% clearance rate from 808 auctions and 663 sales, whilst 145 homes passed in – 40 on a vendor vid. Volumes totalled $763 million and there were also 178 private sales totalling $154 million.
Wilson said the Melbourne auction market returned at full pace and despite a surge in listings, produced its third consecutive auction clearance rate above 80%.
“Melbourne’s Inner East, North East and North were the top regional performers at the weekend with rates all well above 80%. Clearance rates for units and houses were again similar.
“Melbourne’s top reported auction sale at the weekend was a 5-bedroom house at 6 College College Parade Kew that sold for $5,415,000.” Wilson added.
In the previous weekend, the clearance rate was 70.1% from 407 listings, 335 auctions and 235 sales totalling $178.8 million. Last year it was 62.7% from 1,147 listings, 1,037 auctions and 650 sales totalling $664.3 million.
Canberra
Following a holiday break, the nation’s capital was back to business, posting a strong 93% clearance rate. According to Domain, there were 81 listings, 60 auctions and 56 sales totalling $44.03 million and the median sale price was $1,006,000.
Corelogic also reported 63 private sales in the ACT.
Brisbane
Brisbane enjoyed solid clearances of 72% last weekend, according to Domain. Of the 62 homes on offer, 39 were auctioned and 28 sold, totalling $14.38 million and median sale price of $992,000.
Across Queensland the rate was 76% from 217 listings, 49 auctions and 37 sales, according to Corelogic. There were also 1,280 private sales.
Adelaide
Adelaide was another capital city to report a high 90% clearance rate. According to Domain, there were 66 listings and 49 homes were auctioned, of which 44 sold. Volumes totalled $27.45 million and the median sale price was $800,000.
Corelogic also reported 283 private sales.
Perth
Due to the Western Australian state election, only four properties went under the hammer last weekend and they all sold, resulting in a 100% clearance rate. But the private sales market had 607 transactions, according to Corelogic.
Darwin
The Northern Territory also reported a 100% rate from two auctions, according to Corelogic.
Hobart
Tasmania reported one auction but the property passed in, according to Corelogic.
| Auction highlights this week Saturday, 13 March 2021 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 10 Beverley Pl, Curl Curl NSW 2096, 5 br House, Clarke & Humel Property Management Pty Ltd | $6,310,000 |
| Melbourne | 9 College Pde, Kew VIC 3101, 5 br House, Kay & Burton – Hawthorn | $5,415,000 |
| Adelaide | 7 Hewitt Av, Rose Park SA 5067, 3 br House, T&T Real Estate | $2,110,000 |
| Brisbane | 137 Crosby Rd, Hamilton QLD 4007, 5 br House, Elever Property Group | $2,600,000 |
| Canberra | 5 Jarrah St, O’Connor ACT 2602, 3 br House, McGrath North Canberra | $1,750,000 |
| Most affordable | ||
| Sydney | 2/9 Sir Joseph Banks St, Bankstown NSW 2200, 2 br Unit, Quest Realty Group | $438,000 |
| Melbourne | 2/247 Heidelberg Rd, Northcote VIC 3070, 1 br Unit, Nelson Alexander Northcote | $255,000 |
| Adelaide | 34 Blenheim St, Angle Park SA 5010, 3 br House, RW Norwood | $470,000 |
| Brisbane | 127 Bellara St, Bellara QLD 4507, 3 br House, @Realty | $345,000 |
| Canberra | 37/2 Ranken Pl, Belconnen ACT 2617, 2 br Unit, LJH Belconnen | $320,000 |
