Auctions clearance rates easing

THE robust residential property auction market is showing signs of fatigue with clearance rates in Melbourne falling below 70%, according to Australian Property Monitors' Home Price Guide.

Meanwhile, Sydney which has been recording clearance rates in the around 50% has edged closer to 60% last Saturday.

 

According to the Home Price Guide, there was no shortage of home sellers on the weekend, but the number of properties sold has not increased substantially compared to the period last year.

 

Last Saturday in Melbourne, of the 547 properties reported auctioned, 173 properties were passed in and 369 were sold – compared to last year, 470 properties were auctioned and 103 were passed in and 350 sold.

 

As a result, Melbourne’s auction clearance rate fell to 66.4% – compared to 73.5% a year ago.

 

Despite the fall in clearance rate, the total value of properties sold increased to $191.2 million and a four bedroom house fetched the highest price at $2.21 million.

 

On the other hand, Sydney’s market was more stable.

 

The Home Price Guide shows 310 properties were reportedly auctioned and 199 were sold and 108 were passed in, resulting in a clearance rate of 58.5%.

 

The same time a year earlier, Sydney auctioned 330 properties and sold 216 whilst 112 were passed in, resulting in a clearance rate of 59.5%.

 

Last Saturday, the total value of properties sold was $163.4 million and the most expensive property sold was a five bedroom house in Manly for $3.3 million.

 

Adelaide had 34 properties go under the hammer and 24 sold resulting in a clearance rate of 68.6%. The total value of properties sold was $9.8 million. A two bedroom house in Port Willunga was the most expensive property sold for $1 million.

 

Finally Brisbane auctioned 61 properties and 36 were sold resulting in a clearance rate of 59%. The total value of properties sold was $30.4 million and the most expensive property sold was a four bedroom house in Wellington for $2.4 million.

 

Australian Property Journal

 

Home Price Guide® Auction Results – MELBOURNE SUMMARY

	This Saturday 16 Feb 2008	Last Saturday 9 Feb 2008	This Saturday Last Year 17 Feb 2007
Total Listed for auction	649	327	538
Withdrawn	9	14	6
Unreported to date	93	28	62
Number Reported Auctioned	547	285	470
Number Passed in	173	63	103
Sold Prior	117	89	115
Sold Under the hammer	252	126	235
Total Number sold	369	215	350
Total Dollar value sold	$191.2M	$92.9M	$146.3M
Sold After	7	9	21
Clearance Rate	66.4%	71.9%	73.5%

52 Week hi – 90%
52 Week low – 0%

Dearest:
19 Moorhouse St, Camberwell. 4 br house. Jellis Craig & Company Hawthorn $2,215,000

Cheapest:
G03/570 Lygon St, Carlton. 2 br unit. Hocking Stuart Carlton $117,000

 

Home Price Guide® Auction Results – SYDNEY SUMMARY

	This Saturday 23 Feb 2008	Last Saturday 16 Feb 2008	This Saturday Last Year 24 Feb 2007
Total Listed for auction	522	266	368
Withdrawn	30	21	33
Unreported to date	182	13	5
Number Reported Auctioned	310	232	330
Number Passed in	108	97	112
Sold Prior	93	47	64
Sold Under the hammer	106	86	152
Total Number sold	199	133	216
Total Dollar value sold	$163.4M	$84.0M	$173.5M
Sold After	3	3	2
Clearance Rate	58.5%	52.6%	59.5%

52 Week hi – 69%
52 Week low – 0%

Dearest:
47 Osborne Rd, Manly. 5 br house. Belle Property Manly $3,300,000

Cheapest:
2/11 Winchester St, Carlton. 2 br unit. Professionals Montgomery Kogarah $205,500

 

Home Price Guide® Auction Results – ADELAIDE SUMMARY

	This Saturday 23 Feb 2008	Last Saturday 16 Feb 2008	This Saturday Last Year 24 Feb 2007
Total Listed for auction	74	74	35
Withdrawn	1	1	0
Unreported to date	39	4	6
Number Reported Auctioned	34	69	29
Number Passed in	10	17	8
Sold Prior	10	10	5
Sold Under the hammer	14	41	16
Total Number sold	24	51	21
Total Dollar value sold	$9.8M	$25.5M	$9.5M
Sold After	0	2	0
Clearance Rate	68.6%	72.9%	72.4%

52 Week hi – 88%
52 Week low – 0%

Dearest:
3 Port Rd, Port Willunga. 2 br house. LJ Hooker Aldinga $1,000,000

Cheapest:
36 Parkway Cct, Parafield Gardens. 3 br villa. Casserly & Mitchell $263,000

 

Home Price Guide® Auction Results – BRISBANE SUMMARY

	This Saturday 23 Feb 2008	Last Saturday 16 Feb 2008	This Saturday Last Year 24 Feb 2007
Total Listed for auction	92	62	40
Withdrawn	0	5	1
Unreported to date	31	3	3
Number Reported Auctioned	61	54	36
Number Passed in	25	19	10
Sold Prior	8	11	9
Sold Under the hammer	28	23	16
Total Number sold	36	34	25
Total Dollar value sold	$30.4M	$17.6M	$11.1M
Sold After	0	1	1
Clearance Rate	59.0%	57.6%	67.6%

52 Week hi – 83%
52 Week low – 0%

Dearest:
50 Beachcrest Rd, Wellington Point. 4 br house. Harcourts Wellington Point $2,400,000

Cheapest:
89 Robertson Rd, Raceview. 3 br house. Ray White Ipswich CBD $228,000

 

Note: The Clearance Rate is the percentage of properties sold under the hammer or prior to auction compared to the total number of reported auctions plus properties withdrawn from auction.

 

Source: www.homepriceguide.com.au. Copyright Australian Property Monitors 2008.