This article is from the Australian Property Journal archive
PROPERTY listings continue to rise for the second auction weekend of 2022, but sales were significantly lower than last year. Although the prestige market remains strong, a Manly home with a private beach sold under the hammer for over $11 million.
National
Across Australia listings jumped to 1,362 properties on the weekend, up from 837 in the prior weekend (the first auction for 2022) and 1,076 in the same weekend last year.
Domain reported 930 auctions and 711 sales totalling $630.3 million. The median house and unit sale prices were $1,168,750 and $814,000.
The clearance rate was 76.5%, which is stronger than the prior weekend’s 70.3% where there were 837 listings, 673 auctions and 473 sales, totalling $424.6 million.
This time last year, sales were significantly higher at $903.3 million. Of the 1,076 homes listed, 1,027 auctions were reported of which 799 sold, resulting in a 77.8% clearance rate.
There are early signs the market is peaking, as experts predict house prices growth will slow this year.
CoreLogic’s latest data shows a national gain of 1.1% to open 2022, led by Brisbane (2.3%) and Adelaide (2.2%), while the major markets showed only modest growth of 0.6% in Sydney and 0.2% in Melbourne, where the median house value passed $1 million for the first time. Canberra lifted 1.7% and Hobart 1.2%, with smaller gains were seen in Perth and Darwin.
The National Australia Bank is predicting prices in the two major capital cities will fall by over 11%.
Sydney
The weekend was headlined by a $11.05 million prestige property sale in Manly. The five-bedroom, four bathrooms house set on a 487 sqm site, boasts access to an exclusive private beach. The agents were Clarke & Humel’s Michael Clarke and Cherie Humel.
Overall Sydney reported a clearance rate of 79% from 563 listings, 377 auctions and 298 sales totalling $333.8 million. The median house and unit sale prices were $1,760,000 and $980,000.
It is higher than the previous weekend’s 63.7% from 318 listings, 278 auctions and 177 sales totalling $212.7 million.
But it is lower than last year’s 85.9% from 408 listings, 384 auctions and 330 sales totalling $449.2 million.
Melbourne
There was also a vendors rush in Melbourne on the weekend with 491 homes listed, compared to only 252 in the first auction weekend.
Domain reported 362 auctions and 258 sales, resulting in a clearance rate of 71.3%. Sales totalled $187.7 million and the median house and unit sale prices were $920,000 and $652,500.
The REIV reported a higher clearance rate of 82% from 394 auctions and 322 sales, totalling $311.65 million.
In the previous weekend the rate was 69.2% from 252 listings, 195 auctions and 135 sales totalling $92.6 million, according to Domain. This time last year it was 73.5% from 523 listings, 505 auctions and 371 sales totalling $377.5 million.
Adelaide
Adelaide reported a 81% clearance rate. Of the 128 homes listed, 63 went under the hammer and 51 sold.
Sales totalled $28.618 million and the median sale price was $765,000.
Brisbane
Brisbane also recorded a strong clearance rate of 79%. There were 98 listings, 62 auctions and 49 sales totalling $39.11 million. The median sale price was $1,334,000.
Canberra
Canberra is defying the signs of a peak and the looming federal election is not making dampening demand.
The nation’s capital reported a bumper result with $41.167 million worth of homes selling at auction. There were 82 listings, 66 auctions and 55 sales resulting in a clearance rate of 83%.
Perth
Western Australia recorded a 100% rate from one auction, according to Corelogic. Although there were 20 auctions scheduled, but only one result was reported.
Hobart
There were no auctions in Tasmania on the weekend.
Darwin
The territory held one auction event but the property failed to sell.
| Auction highlights this week Saturday, 5 February 2022 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 17 Addison Rd, Manly NSW 2095, 5 br House, Clarke & Humel Property Management Pty Ltd | $11,050,000 |
| Melbourne | 20 Greenpatch Dr, Bangholme VIC 3175, 6 br House, Hodges Mentone/Chelsea | $2,800,000 |
| Adelaide | 47 Devereux Rd, Linden Park SA 5065, 4 br House, RW Norwood | $1,640,000 |
| Brisbane | 7 Bousfield St, Paddington QLD 4064, 5 br House, RW at The Entertainment Quarter | $3,000,000 |
| Canberra | 1/26 Empire Cct, Forrest ACT 2603, 3 br Townhouse, Blackshaw Manuka | $2,900,000 |
| Most affordable | ||
| Sydney | 18/15 Seabeach Av, Mona Vale NSW 2103, 0 br Studio, DiJones – Northern Beaches | $543,000 |
| Melbourne | 15/182 Coppin St, Richmond VIC 3121, 1 br Unit, Biggin & Scott Richmond | $310,000 |
| Adelaide | 22/2 Harrow Rd, Somerton Park SA 5044, 1 br Unit, RW Unley | $235,500 |
| Brisbane | 29 Dracon St, Regents Park QLD 4118, 3 br House, RW Annerley | $558,000 |
| Canberra | 27/56 Stuart St, Griffith ACT 2603, 1 br Unit, Hayman Partners, Projects | $504,000 |
