Rate fall fails to lift auctions

THE residential property auction market remained subdued last Saturday despite the surprise 100 basis points interest rates cut, according to Australian Property Monitors' Home Price Guide.

Sydney’s auction market picked up slightly, clearance rates rising to 49.3%. 269 properties were auctioned and 151 were sold totalling $92.8 million. The most expensive sale was a four bedroom house in Tamarama for $3.6 million. The cheapest sale was a one bedroom house in Cabramatta for $123,000.

 

Melbourne had 251 auctions and 127 were sold, resulting in a clearance rate of 49.2%. The total value of properties sold was $52.6 million and a $1.85 million four bedroom house in Brighton was the dearest property sold. The cheapest was a three bedroom house in Doveton for $232,500.

 

Adelaide’s auction market improved with 20 auctions and 11 sales totalling $4.1 million. A week earlier only eight properties were auctioned and two sold for $1.5 million.

 

Last Saturday’s most expensive sale was a two bedroom house in Hackney for $1 million and cheapest was a two bedroom house in Seaton for $230,000.

 

Brisbane slipped with 44 auctions and 11 sales totalling $4.9 million.

 

Australian Property Journal

 

Home Price Guide® Auction Results – SYDNEY SUMMARY

	This Saturday 11 Oct 2008	Last Saturday 4 Oct 2008	This Saturday Last Year 13 Oct 2007
Total Listed for auction	344	146	323
Withdrawn	34	21	32
Unreported to date	41	7	10
Number Reported Auctioned	269	118	281
Number Passed in	117	52	75
Sold Prior	50	18	74
Sold Under the hammer	101	45	129
Total Number sold	151	63	203
Total Dollar value sold	$92.8M	$43.1M	$160.6M
Sold After	2	3	5
Clearance Rate	49.8%	45.3%	64.9%

52 Week hi – 65%
52 Week low – 40%

Dearest:
28 Dellview St, Tamarama. 4 br house. LJ Hooker Bondi Junction $3,600,000

Cheapest:
5/4-8 St Johns Rd, Cabramatta. 1 br unit. Laing & Simmons Liverpool $123,000

 

Home Price Guide® Auction Results – MELBOURNE SUMMARY

	This Saturday 11 Oct 2008	Last Saturday 4 Oct 2008	This Saturday Last Year 13 Oct 2007
Total Listed for auction	589	492	737
Withdrawn	7	3	3
Unreported to date	331	40	51
Number Reported Auctioned	251	449	683
Number Passed in	113	173	139
Sold Prior	43	65	129
Sold Under the hammer	84	205	413
Total Number sold	127	270	542
Total Dollar value sold	$52.6M	$117.5M	$284.0M
Sold After	14	12	4
Clearance Rate	49.2%	59.7%	79.0%

52 Week hi – 80%
52 Week low – 40%

Dearest:
4 Bryson Av, Brighton. 4 br house. Buxton Brighton $1,856,000

Cheapest:
10 Banksia St, Doveton. 3 br house. Stockdale & Leggo Dandenong $232,500

 

Home Price Guide® Auction Results – ADELAIDE SUMMARY

	This Saturday 11 Oct 2008	Last Saturday 4 Oct 2008	This Saturday Last Year 13 Oct 2007
Total Listed for auction	26	10	45
Withdrawn	0	1	0
Unreported to date	6	1	2
Number Reported Auctioned	20	8	43
Number Passed in	9	6	10
Sold Prior	7	0	11
Sold Under the hammer	4	2	22
Total Number sold	11	2	33
Total Dollar value sold	$4.1M	$1.5M	$13.4M
Sold After	0	0	0
Clearance Rate	55.0%	22.2%	76.7%

52 Week hi – 100%
52 Week low – 11%

Dearest:
43 Hackney Rd, Hackney. 2 br house. Klemich Real Estate $1,000,000

Cheapest:
7 Lawhill Av, Seaton. 2 br house. McGrath Estate Agents $230,000

 

Home Price Guide® Auction Results – BRISBANE SUMMARY

	This Saturday 11 Oct 2008	Last Saturday 4 Oct 2008	This Saturday Last Year 13 Oct 2007
Total Listed for auction	61	57	67
Withdrawn	3	3	1
Unreported to date	14	1	0
Number Reported Auctioned	44	53	66
Number Passed in	33	36	26
Sold Prior	3	7	14
Sold Under the hammer	8	8	26
Total Number sold	11	15	40
Total Dollar value sold	$4.9M	$7.2M	$20.1M
Sold After	1	5	1
Clearance Rate	23.4%	26.8%	59.7%

52 Week hi – 66%
52 Week low – 0%

Dearest:
217&219 Bennetts Rd, Norman Park. other residential. Harcourts Bulimba $1,125,000

Cheapest:
31 Helles St, Moorooka. 3 br house. Drakos Real Estate $356,000

 

Note: The Clearance Rate is the percentage of properties sold under the hammer or prior to auction compared to the total number of reported auctions plus properties withdrawn from auction.

 

Source: www.homepriceguide.com.au. Copyright Australian Property Monitors 2008.