This article is from the Australian Property Journal archive
AUCTION numbers declined last weekend after a strong start to the autumn season.
Although listings were down, the clearance rate remains high across Sydney and Melbourne with determined buyers still on the hunt for properties.
Sydney
Last weekend in Sydney, 800 properties were listed for auction, 562 went under the hammer of which 479 sold, resulting in a clearance rate of 81.3%, according to Domain’s Australian Property Monitors.
Compared to the previous weekend, the clearance rate was 74.4% from 884 listings, 738 auctions and 591 totalling $696.5 million.
Although listings were down last weekend, it was significantly higher than the same weekend last year, where the clearance rate was 67.5% from 541 listings, 458 auctions and 345 sales totalling $429.6 million.
The total value of properties sold under the hammer last weekend was $509.2 million and a median house and unit sale price of $1,481,000 and $942,500 respectively. In the previous weekend, the median house and sale price recorded was $1,500,000 and $932,500 and last year it was $1,380,000 and $855,000.
Domain chief economist Andrew Wilson said although auction numbers were slightly down, a record flood of listings will swamp the local market in the upcoming weekend.
“Sydney has made a strong start to the autumn selling season with a total clearance rate over March of 75.8%. Although this was slightly lower than the 77.4% recorded over February, it was well ahead of the 68.8% recorded over March last year,” Wilson said.
Melbourne
The start of the school holiday has distracted the Melbourne market with 864 auctions reported, well down on 1,377 properties on offer the previous weekend, according to the REIV.
Melbourne continued to record a high clearance of 82% off the back of 705 sales.
Despite the drop, the market continues outperform the same weekend last year, where the clearance rate was 70% from 496 auctions.
The total value of auction sales was $708.11 million. The median house, unit and land sale prices recorded were $952,750, $660,-00 and $895,000 respectively.
“The remarkably consistently Melbourne home auction market produced yet another strong result last weekend despite recent hikes in mortgage rates announced by the major banks.
“Melbourne has made a strong start to the autumn selling season with a total clearance rate over March of 76.9%. Although this was slightly lower than the 77.2% recorded over February, it was well ahead of the 71.9% recorded over March last year,” he added.
Canberra
Canberra started reported 48 listings, 39 auctions and 25 sales resulting in a clearance rate of 60%. The total value of properties sold was $16.62 million and the median price was $823,000.
Wilson said the Canberra auction market has started the autumn selling season with solid results.
“Canberra recorded an auction clearance rate of 68.6% over March which although lower than the 73.3% reported over February, was higher than the 65.5% recorded over March last year.
“The March clearance rate was the highest recorded for that month by the Canberra market since the 68.9% reported over March 2007 and also the third highest March result on record,” he added.
Wilson said solid clearance rates were recorded despite an unprecedented number of listings.
“Some 350 auctions were scheduled over March, which was higher than the 311 listed over February and well ahead of the 261 reported over March last year. This year’s March listing total was clearly the highest recorded by Canberra over that month and also the fourth highest number of auctions for any month,” Wilson said.
According to APM, Canberra recorded a median auction price of $711,000 over March, which was lower than the $730,000 recorded over February but 6% higher than the $671,000 recorded over March last year.
Brisbane
Brisbane posted 99 listings, 57 auctions and 37 sales, representing a clearance rate of 62% and total sales of $20.38 million. The median price was $700,000.
Across Queensland, there were 326 auctions and a clearance rate of 52% with 64 properties selling under the hammer.
The most expensive property sold was a four-bedroom home at 79 Buena Vista Av, Coorparoo for $1,565,000 and most affordable sale was of a two-bedroom house at 15 Station Rd, Riverview for $222,250.
Adelaide
There were 73 listings and 46 properties went under the hammer and 37 homes sold, representing a clearance rate of 79%. Total auction sales were $20.57 million and a median sale price of $604,000 was achieved.
Across South Australia, there were 122 auctions and 46 homes sold.
The most expensive property sold was of a three-bedroom house at 3 Godfrey Tce, Leabrook for $1.6 million, whilst a two-bedroom house at 3/1105-1107 North East Rd, Ridgehaven was the cheapest property sold, fetching $230,000.
Perth
In Western Australia, Perth reported 52 auctions and four properties sold.
The most expensive property sold was of a three-bedroom house at 88 Blencowe St West Leederville for $1,750,000.
Darwin
There were only eight auctions in the top end with seven properties passed in and one home selling before auction.
The property which sold before auction was of a two-bedroom apartment at 6/24 George Cr in Fannie Bay for $350,000.
Hobart
Tasmania saw just 14 properties going under the hammer and two sold. The most expensive property sold under the hammer was of a two-bedroom house at 52 Bathurst St Launceston for $250,000.
| Auction highlights this week Saturday, 1 April 2017 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 13 Victoria St, McMahons Point NSW 2060, 4 br House, Stone Real Estate | $4,425,000 |
| Melbourne | 138 Powlett St, East Melbourne VIC 3002, 4 br House, Caine RE | $4,150,000 |
| Adelaide | 3 Godfrey Tce, Leabrook SA 5068, 3 br House, T&T Real Estate | $1,600,000 |
| Brisbane | 79 Buena Vista Av, Coorparoo QLD 4151, 4 br House, Acru Property | $1,565,000 |
| Canberra | 22 Galway Pl, Deakin ACT 2600, 2 br House, Luton Properties – Manuka | $1,455,000 |
| Most affordable | ||
| Sydney | 23 Hillcrest Av, Tacoma NSW 2259, 5 br House, Sorensen Real Estate | $411,000 |
| Melbourne | 6/44 Alexandra St, St Kilda East VIC 3183, 1 br Unit, Gary Peer & Associates | $295,000 |
| Adelaide | 3/1105-1107 North East Rd, Ridgehaven SA 5097, 2 br House, LJH Walkerville | Modbury | $230,000 |
| Brisbane | 15 Station Rd, Riverview QLD 4303, 2 br House, RW Goodna | $222,250 |
| Canberra | 1 Ella Cl, Palmerston ACT 2913, 3 br House, Peter Blackshaw Real Estate Gungahl | $410,000 |
Australian Property Journal
