This article is from the Australian Property Journal archive
THE auction market has officially kicked off the year with encouraging results recorded on the weekend.
Melbourne recorded a strong performance with a clearance rate of 76% from 219 auctions, according to the REIV. There were 167 sales and 52 properties were passed in, of which 26 were on a vendor’s bid. The value of auction sales was $110.06 million.
The clearance rate is above the previous weekend’s 74%, where the auction market had an unofficial start with 169 properties going the under hammer.
Last weekend’s result was a significant improvement on the 65% recorded in the same weekend last year, the clearance rate was 65% where 241 properties were auction, according to the REIV. There were also 299 private sales totalling $179.01 million.
REIV CEO Enzo Raimondo said from here on, auction activity would grow significantly, with close to 1,000 auctions scheduled for each of the last two weekends of February.
Domain chief economist Andrew Wilson said although it is early in the 2016 auction season, Saturday’s results are a clear indication that robust results can be expected in the Melbourne market, similar to those recorded over the latter part of 2015.
“The Melbourne weekend auction market tracked backwards over 2015, following a surge in activity over autumn. The clearance rate peaked at nearly 85% in May, but finished the year steady at just under 70%. The market, however, remained clearly in favour of sellers, with all regions and price ranges continuing to find buyers.
“The Melbourne market is set to begin 2016 confidently, with clearance rates and prices growth likely to match those reported at the end of 2015. An improving local economy has been a significant factor in prices growth over the past year and will continue to underpin solid local market confidence,” he added.
According to Domain, Sydney had 215 listings. There were 162 auctions were reported with 124 sales, representing a clearance rate of 72.5% and total sales of $103.105 million.
Wilson said the 72.5% rate was the highest figure since Spring.
In other capital cities, Canberra had 44 listings and 35 auctions were reported, with 25 properties sold, reflecting a clearance rate of 71% and totalling $14.71 million.
Adelaide had 57 listings, 22 auctions and 16 sales resulting in a clearance rate of 73% and sales totalling $10.33 million.
Finally, Brisbane had 90 listings, 40 auctions and 27 sales, representing a clearance rate of 63% and sales totalling $10.97 million.
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 134 Lagoon St, Narrabeen NSW 2101, 4 br House, Domain Residential | $2,650,000 |
| Melbourne | 10 Milverton St, Camberwell VIC 3124, 5 br House, Fletchers Manningham | $1,910,000 |
| Adelaide | 18 Bolingbroke Gr, Toorak Gardens SA 5065, 5 br House, T&T Real Estate Norwood | $1,540,000 |
| Brisbane | 106 Mountjoy Tce, Manly QLD 4179, 4 br House, RW Wynnum / Manly | $1,260,000 |
| Canberra | 46 Parkhill St, Pearce ACT 2607, 5 br House, Luton Properties Woden | $1,205,000 |
| Most affordable | ||
| Sydney | 118/89-95 The Entrance Rd, The Entrance NSW 2261, 1 br Unit, FN The Entrance | $70,500 |
| Melbourne | 11/13-15 Dover St, Flemington VIC 3031, 1 br Unit, Nelson Alexander Flemington | $274,000 |
| Adelaide | 55 Deloraine Rd, Edwardstown SA 5039, 3 br House, LJH Glenelg | $380,000 |
| Brisbane | 16 Clare Rd, Kingston QLD 4114, 3 br House, LJH Logan City | $280,000 |
| Canberra | 7 MacIntyre Pl, Charnwood ACT 2615, 3 br House, LJH Belconnen | $339,000 |
Australian Property Journal
