Clearance rates dip below 70pc

AUCTION activity took a minor stumble as Sydney’s clearance rate dropped below 70% for the first time since mid-March.

According to the latest figures from Domain, nationally there were 1,441 auctions listed, down from 1,520 the week before, with 962 auctions reported down from 1,283.

At 69.9%, the national clearance rate was up from last week’s revised 65.7%, with 672 properties selling at auction down from 843 in the week prior, with 107 properties withdrawn, down from 138.

Compared to the same week last year, the clearance rate was up from 53.7%, where 1,258 properties were listed, 1,126 auctions were reported and 605 were sold.

The total value sold this week was at $625.7 million, with houses bringing in an auction median of $1,237,000 and units at $868,800.

This was down from last week’s $825.8 million, with the auction median for houses at $1,281,000 and units at $836,000.

Compared to the same week last year, the total value sold was down from $671.3 million, with the house auction median at $1,168,500 and the unit auction median at $804,000.

According to CoreLogic’s preliminary data, auction activity across the combined capitals dropped 11.7% this week, after trending upwards over the past three weeks.

In Sydney the clearance rate was up from 66.5% to 72.7%, with 373 reported auctions, 62 withdrawals and 271 properties selling.

Sydney’s total value sold at auction was up at $295.8 million this week, with an auction median of $1,511,900 for houses and $1,020,000 for units.

With activity down from the same week last year, where 387 auctions were reported, with 210 properties selling for a total value of $267.6 million.

Melbourne saw the top sale at auction this week, with a resort-style home at 16 Harrington Avenue in Balwyn North selling for $5.3 million, having been listed for $4.6 million to $4.8 million with Buxton Bentleigh agent Melissa Hetherington.

The five-bedroom house spans three-levels with an internal lift, boasting a basement bar, 242-bottle glass wine cellar, a “gold class” cinema and gym.

In Melbourne the clearance rate was up from 67.1% to 68.3%, with 486 reported auctions, 40 withdrawals and 332 properties selling.

The total value sold in Melbourne was $275.8 million, or an auction median of $1,163,500 for houses and units at $740,000.

By comparison, the same week last year in Melbourne saw 517 auctions reported, with 280 sold for a total value of $291.6 million.

While in Adelaide, the clearance rate was at 69%, with 32 auctions reported, one withdrawn and 22 properties sold, for $21,113,700 in total sales and a median of $881,000.

In Brisbane the clearance rate came in at 60%, with 35 auctions reported, two withdrawals and 21 sold, for $13,995,000 in total sales and a median of $1,031,500.

Finally, Canberra’s clearance rate was at 73%, with 37 auctions reported, two withdrawn and 23 properties sold for a total value at $18,947,999 and a median of $915,000.