This article is from the Australian Property Journal archive
THE residential property auction market across the nation continues to go from strength to strength.
Last weekend in Sydney an improved clearance rate of 81.4% was recorded from 729 listings, 579 auctions and 507 sales totalling $536.4 million, according to Domain.
The result was higher than previous weekend’s 79% from 629 listings, 558 auctions and 474 sales totalling $505.7 million. The clearance is significantly than the 58.4% recorded in the same weekend last year, although there were more properties on offer.
Last year, Sydney had 1,097 listings, 872 auctions and 592 sales totalling $743.5 million.
Domain chief economist Andrew Wilson said the Sydney home auction market surged last weekend with clearance rates now approaching record levels from a spring market that is proving irresistible to buyers.
“The Sydney market is now tracking at its highest since the peak of the record boom-time results reported over autumn last year.
“Most of Sydney’s suburban regions reported strong results last weekend in a relatively even performance although inner-suburban higher-priced suburbs continue to lead with exceptionally high clearance rates,” he added.
The Sydney median price achieved last weekend was $1,300,000.
In Melbourne, the number of properties on offer declined markedly after the first super Saturday in the previous weekend. The fall was widely expected and is due to the lead up to the Melbourne Cup.
Nonetheless a strong clearance rate of 80% was recorded last weekend, according to the REIV. Melbourne had 455 properties go under the hammer and 364 sold whilst 91 were passed in. The total value of auction sales was $308.41 million.
In comparison the previous weekend had 1255 auctions and a clearance rate of 80%. In the same weekend last year, the rate was 67% from 519 auctions.
At the same time, there were 347 private sales totalling $243.95 million.
Domain’s Andrew Wilson said the booming Melbourne home auction market took a well-earned rest with buyers and sellers distracted by the race that stops a nation.
“Melbourne celebrated its first spring Super Saturday of auctions last weekend with a stunning result, with the market now tracking at its highest since the boom-time spring of 2009,” he noted.
The median price was $816,000.
Meanwhile Adelaide recorded 105 listings, 64 auctions and 49 sales, resulting in a clearance rate of 77%. The total value of sales was $25.51 million and the median price was $660,000, according to Domain.
Brisbane reported 131 listings, 57 auctions and 35 sales, representing a clearance rate of 58%. The total value of sales was $25.73 million and the median price was $920,000.
Canberra had 74 listings, 64 auctions and 46 sales resulting in a clearance rate of 70%. The total value of sales was $32.03 million and the median price was $760,000.
| Auction highlights this week Saturday, 29 October 2016 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 115 Homebush Rd, Strathfield NSW 2135, 6 br House, Georges Ellis & Co | $5,650,000 |
| Melbourne | 65 Lisson Gr, Hawthorn VIC 3122, 4 br House, Marshall White Hawthorn | $2,815,000 |
| Adelaide | 86b Northgate St, Unley Park SA 5061, 3 br House, HAR Brock Williams | $1,450,000 |
| Brisbane | 14 Otway St, Holland Park QLD 4121, 5 br House, Dixon Family Estate Agents | $5,225,000 |
| Canberra | 56 Masson St, Turner ACT 2612, 5 br House, Luton Properties Canberra City | $2,425,000 |
| Most affordable | ||
| Sydney | 4/63-69 President Av, Caringbah NSW 2229, 1 br Unit, Belle Prop Sth Hurstville | $424,000 |
| Melbourne | G05/12 Trenerry Cr, Abbotsford VIC 3067, 1 br Unit, Dingle Partners | $301,000 |
| Adelaide | 13 Enford St, Elizabeth SA 5112, 3 br House, LJH Walkerville | Modbury | $246,500 |
| Brisbane | 21 Pinkwood St, Cedar Vale QLD 4285, 2 br House, HAR Jimboomba Drews Real Estate | $250,000 |
| Canberra | 14 Disney Ct, Belconnen ACT 2617, 2 br Townhouse, LJH Belconnen | $350,000 |
Australian Property Journal
