This article is from the Australian Property Journal archive
MELBOURNE’S residential property auction clearance rate remained below 70% whilst Sydney clearance rates have fallen below 50% for the first time in 52 weeks.
The REIV reported 528 auctions last weekend and 361 sales whilst 167 properties were passed in of which 96 were on a vendors bid. The clearance rate from this weekend’s auctions is 68%. This is similar to the previous week’s clearance rate of 67% — 539 auctions and 355 sales.
This weekend last year there were 293 auctions reported and a clearance rate of 85%.
Melbourne reported $230.62 million worth of auction sales and $278.93 million in private sales. The median house price was $642,500 and the median apartment price was $492,000. The most expensive property sold was a house in Middle Park for $2.93 million and cheapest was in Craigieburn in the outer western suburbs, which fetched $321,000.
Next weekend the REIV expects 590 auctions.
The market has worsened in Sydney, according to Australian Property Monitors’ Home Price Guide. Last weekend, there were 351 auctions and 116 sales representing a clearance rate of 49.8% which is below the 52-week low of 50%. The 52-week high was 79%.
The previous weekend, there were 418 auctions and 215 sales resulting in a clearance rate of 56.7%. The same Saturday last year, 217 properties went under the hammer and 146 sold, representing a clearance rate of 70.5%.
The Home Price Guide shows $88.4 million worth of properties were sold, down from $167.3 million the previous weekend.
The most expensive property sold was five bedroom house in Kensington for $1.875 million and cheapest was a two bedroom unit in Gymea for $399,000.
Meanwhile Adelaide reported 41 auctions and 10 sales totaling $6.6 million and Brisbane had 42 auctions and eight sales totaling $3.6 million.
Australian Property Journal
