This article is from the Australian Property Journal archive
AUCTION activity across Australia declined due to the long weekend holidays in Melbourne, Canberra, and Adelaide, but the prestige market continues to outperform with mansion in Sydney’s affluent northern beaches selling for a record $14 million, $3 million above the reserve.
According to Domain, listings declined substantially to 1,574 properties, well down from 2,382 in the previous weekend, largely due to the absence of three markets.
There were 1,062 auctions and 709 sales reported, resulting in a clearance rate of 66.8%. Sales totalled $723.4 million, the median house and sale prices were $1,316,000 and $870,000.
In the previous weekend sales totalled $1.284 billion. There were 2,119 auctions and 1,423 homes sold. This time last year it was $1.889 billion with 1,830 listings, 1,808 auctions and 1,426 sales.
Due the long weekend in Melbourne, all eyes were on Sydney. Although sales continue to weaken, the sale of a federation mansion in the affluent suburb of Seaforth was the highlight.
The four-bedroom house at 18 Edgecliffe Esplanade in the northern beaches sold under the hammer for $14 million by agents Clarke & Humen Property. The price was $3 million above the reserve.
Overall, Domain reported 884 listings, 599 auctions and 398 sales during the weekend, resulting in a clearance rate of 66.4%. Sales totalled $480 million, the median house and unit sale prices were $1,618,500 and $1,099,500.
In the previous weekend the clearance rate 68.9% from 843 listings, 713 auctions and 491 sales totalling $542.2 million and last year it was 84.3% from 695 listings, 682 auctions and 575 sales totalling $960 million.
Due to the long weekend Melbourne had reported only 423 listings, 306 auctions and 203 sales last, resulting in a clearance rate of 66.3%. Sales totalled $164 million.
Similarly, it was a quiet auction weekend in the nation’s capital. Of the 40 homes listed, only 25 were auctioned and 18 sold under the hammer, totalling $13.678 million.
Adelaide reported the strong clearance rate of 83% from 99 listings, 60 auctions and 50 sales totalling $34.619 million.
Brisbane’s clearances continue to weaken, falling to 56% on the weekend from 128 listings, 72 auctions and 40 sales totalling $31.186 million.
| Auction highlights this week Saturday, 12 March 2022 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 18 Edgecliffe Esp, Seaforth NSW 2092, 4 br House, Clarke & Humel Property Management Pty Ltd | $14,000,000 |
| Melbourne | 36 Monash Av, Balwyn VIC 3103, 4 br House, Buckingham & Company | $3,220,000 |
| Adelaide | 47A Esplanade, Henley Beach South SA 5022, 4 br House, RW Henley Beach | $4,700,000 |
| Brisbane | 45 Cracknell Rd, Annerley QLD 4103, 4 br House, RW Holland Park | $2,000,000 |
| Canberra | 38 Ada Baker St, Forde ACT 2914, 4 br House, McGrath Estate Agents Canberra | $1,352,000 |
| Most affordable | ||
| Sydney | 3/126-128 Pittwater Rd, Gladesville NSW 2111, 2 br Unit, BresicWhitney Hunters Hll | $600,000 |
| Melbourne | 12/14 Salisbury St, Glenroy VIC 3046, 1 br Unit, Barry Plant Glenroy | $250,000 |
| Adelaide | 4 Bovard Ct, Trott Park SA 5158, 2 br House, LJH Glenelg | $470,000 |
| Brisbane | 202/8 Jeays St, Bowen Hills QLD 4006, 2 br Unit, RW – New Farm | $420,000 |
| Canberra | 1/7 Ella Cl, Palmerston ACT 2913, 2 br Townhouse, Blackshaw Manuka | $620,000 |
