This article is from the Australian Property Journal archive
THE Valentine’s Day weekend showed homebuyers have not fallen out of love with the residential auction market.
According to the REIV, 438 auctions were reported and 342 properties sold totalling $250.92 million, resulting in a clearance rate of 78%.
REIV CEO Enzo Raimondo said the auction market has started strongly with far higher clearance rates than this time last year.
In the previous weekend, the rate was 73% from 255 auctions whilst in the same weekend last year, the rate was 73% from 501 auctions.
Domain senior economist Andrew Wilson said the Melbourne auction market has made an encouraging start to the year.
Although he warned that early-season auction results can be volatile reflecting relatively low numbers of auctions and an uneven mix of property types.
“The Melbourne weekend auction market has commenced the early-year selling season with the best results for this time of the year since 2010.
“The local market, however, now appeals as remaining quietly confident despite a sharply lower share market and growing concerns over the direction of the national and global economies,” Wilson said.
The Sydney market also posted a higher clearance rate of 74.3% last weekend. According to Domain, 358 properties were listed and 265 reportedly went under the hammer with 217 sales totalling $183.2 million.
Compared to the previous weekend the clearance rate was 65.9% from 217 listings, 185 auctions and 135 sales totalling $111.6 million.
Although the Sydney market is weaker when compared to the same weekend last year, where the clearance rate was 81.3% from 447 listings, 415 auctions and 352 sales totalling $360.2 million.
Wilson said Sydney sellers continue to remain on the sidelines with auction numbers down by 30% over the first three weekends of the season compared to the same period last year.
“Relatively low auction numbers, however, may have contributed to a healthy clearance rate last weekend, promoting solid competition among buyers for available properties,” he said.
In other cities, Adelaide had 61 listings and 36 auctions were reported with 30 sales totalling $15.87 million.
Brisbane had 72 listings, 37 auctions reported and 18 sales totalling $7.68 million.
Finally Canberra had 47 listings, 38 auctions reported and 24 sales totalling $17.31 million.
APM Auction highlights this week Saturday, 13 February 2016
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 50 Nelson Rd, Lindfield NSW 2070, 4 br House, Chadwick Real Estate Killara | $3,630,000 |
| Melbourne | 13 Yarra St, Hawthorn VIC 3122, 4 br House, Marshall White Hawthorn | $2,625,000 |
| Adelaide | 10 Whistler Av, Unley Park SA 5061, 4 br House, HAR Platinum | $3,175,000 |
| Brisbane | 103 Wadley St, MacGregor QLD 4109, 7 br House, Reval Estate Agents | $935,000 |
| Canberra | 7 Burt St, O’Connor ACT 2602, 4 br House, McGrath Dickson | $1,300,000 |
| Most affordable | ||
| Sydney | 46/93-95 Campbell St, Liverpool NSW 2170, 1 br Unit, RW Wetherill Park | $395,000 |
| Melbourne | 1030/43 Therry St, Melbourne VIC 3000, 1 br Unit, Dingle Partners | $170,000 |
| Adelaide | 16/206-208 North East Rd, Klemzig SA 5087, 2 br Unit, LJH Walkerville | Modbury | $167,750 |
| Brisbane | 5/39 Catherine St, Beenleigh QLD 4207, 2 br Unit, HAR M1 | $149,500 |
| Canberra | 38/21 Cossington Smith Cr, Lyneham ACT 2602, 3 br Townhouse, McGrath Dickson | $487,000 |
Australian Property Journal
