This article is from the Australian Property Journal archive
THE first residential property auction weekend for the autumn season is off to a good start.
Last weekend in Melbourne, a clearance rate of 81% was recorded, according to the REIV.
There were 1094 auctions with 883 properties selling and 211 were passed in, 104 of those on a vendor bid. The total value of auction sales was $899.55 million.
The clearance rate is on par with the previous weekend’s 81% from 1,415 auctions and higher than the 74% recorded last year from 1,218 auctions.
REIV president Joseph Walton said the summer auction market, from December to February, has delivered the highest number of auction sales on record with almost 5,600 homes sold under the hammer.
At the same time there were 334 private sales totalling $205 million.
There were 349 apartment auctions and a clearance rate of 74% was recorded with a median price of $661,000. A whopping 723 houses went under the hammer and clearance of 84% was reported with a median price of $996,000. And 19 vacant lands were auctioned, a clearance rate was not recorded and the median price was $685,000.
Sydney’s clearance rate increased to 78.3% but there were fewer auctions last weekend. According to Domain’s Australian Property Monitors (APM), there were 696 listings and 502 properties reportedly went under the hammer with 426 sales totalling $425.2 million.
Compared to the previous bumper weekend, there were 941 listings, 796 auctions and 664 properties sold, representing a clearance rate of 75.6% and sales totalling $788.7 million.
The Sydney has had a stronger start to the autumn season this year compared to last year, where a clearance rate of 69% was recorded from 583 listings, 491 auctions and 380 sales totalling $509.4 million.
The median price of houses and apartments sold at auction last weekend was $1,500,000 and $841,000 respectively, compared to $1,600,000 and $927,000 in the previous weekend.
In the same weekend last year, the median price of houses and apartments was $1,400,000 and $875,000 respectively.
In Brisbane, a clearance rate of 59% from 118 listings, 70 auctions and 41 sales totalling $29.33 million with a median price of $762,000.
Canberra had 83 listings, 75 auctions and 52 sales, resulting in a clearance rate of 68%. Sales totalled $37.80 million and the median price was $770,000.
Adelaide reported a clearance rate of 67% from 78 listings, 55 auctions and 38 sales totalling $21.81 million with a median price of $775,000.
| Auction highlights this week Saturday, 4 March 2017 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 3A Warung St, McMahons Point NSW 2060, 5 br House, McGrath Neutral Bay | Projects | $9,380,000 |
| Melbourne | 684 Orrong Rd, Toorak VIC 3142, 4 br House, Marshall White – ARMADALE | $5,500,000 |
| Adelaide | 139 Kermode St, North Adelaide SA 5006, 4 br House, Belle Property Unley | $1,402,000 |
| Brisbane | 84 Woodville St, Hendra QLD 4011, 5 br House, RW Ascot | $3,500,000 |
| Canberra | 4/15 Dalman Cr, O’Malley ACT 2606, 4 br House, Peter Blackshaw Real Estate Manuka | $1,675,000 |
| Most affordable | ||
| Sydney | 3/17 Belford St, Ingleburn NSW 2565, 2 br Townhouse, R&W Ingleburn | $400,000 |
| Melbourne | 52 Chelmsford Wy, Melton West VIC 3337, 6 br House, Ryder Real Estate | $190,000 |
| Adelaide | 6 Mudge Rd, McLaren Vale SA 5171, 3 br House, FN Nick Van Vliet | $337,000 |
| Brisbane | 43 Jarrah Cr, Logan Central QLD 4114, 3 br House, RW Calamvale | $265,000 |
| Canberra | 13/35 Crisp Cct, Bruce ACT 2617, 2 br Townhouse, LJH Belconnen | $432,500 |
Australian Property Journal
