This article is from the Australian Property Journal archive
MORE home sellers are deciding not to disclose their auction results, as the market continues to soften.
The REIV has defended the weekly increase in the number of auctions which do not report a result and said it does not affect the integrity of its results.
It explained that after reviewing auction sales in the months of March and November over the last four years, it found that when clearance rates were higher in the 80s, the proportion of results not disclosed by the vendors is around 13% – 15%.
However when the clearance rate is in the low 50s and 60s, the proportion of results not disclosed is much higher at 13% – 19%, which means the real clearance rate might actually be lower around the 40s, as previously suggested by independent researcher Australian Property Monitors’ Home Price Guide.
Last weekend in Melbourne the clearance was 55%, which is a small improvement on the previous weekends’ 53%.
There 439 auctions held and 243 homes sold whilst 196 properties were passed in, of which 117 were on a vendors bid. There were 55 vendors who did not disclose a result.
The total value of properties sold was $160.25 million.
Meanwhile the private sales market had 471 transactions last weekend totalling $231.22 million compared to the same weekend last year, with 616 transactions totalling $290.19 million.
Next weekend the REIV expects 420 auctions.
In Sydney last weekend there were 292 listings and 212 homes were reportedly auctioned and 131 sold, resulting in a clearance rate of 52.8%, according to APM. The total value of properties sold was $94.1 million.
Sydney’s market continues to weaken, the previous week there were 153 sales and the clearance rate was 56.5% totalling $129.4 million. And last year, there were 181 sales totalling $144.1 million.
Brisbane had 13 auctions and three sales totalling $1.1 million whilst Adelaide 16 auctions and 10 sales totalling $4.1 million.
Most expensive
|
Sydney |
1 Plymouth Cl, Wahroonga NSW 2076, 4 br house, Chadwick RE Turramurra |
$1,400,000 |
|
Melbourne |
17b Mont Albert Rd, Canterbury VIC 3126, 4 br townhouse, HS Balwyn Property Mgt |
$2,725,000 |
|
Adelaide |
307 Carrington St, Adelaide SA 5000, 3 br cottage, Brock HAR Adelaide |
$715,000 |
|
Brisbane |
29 Drury St, West End QLD 4101, 2 br house, Drakos Real Estate |
$711,000 |
Most affordable
|
Sydney |
7/23 Park Rd, Cabramatta NSW 2166, 2 br unit, Gala RE |
$250,000 |
|
Melbourne |
19/697 Barkly St, West Footscray VIC 3012, 1 br unit, Burnham RE Ftscry/Deer Pk |
$172,000 |
|
Adelaide |
2/3 Alfred St, Norwood SA 5067, 2 br unit, LJH Kensington |
$342,000 |
|
Brisbane |
14 Gannet St, Victoria Point QLD 4165, 5 br house, LJH Cleveland |
$423,000 |
Source: APM
Australian Property Journal
