This article is from the Australian Property Journal archive
IT was frenzy in Melbourne and Canberra on the weekend with over $1.2 billion of homes sold as buyers and sellers rushed to the auction market in the lead up to the Melbourne Cup Day.
Preliminary results show Melbourne continues to outshine Sydney in this year’s spring season and last Saturday was one of, if not, the biggest auction held in a single weekend.
Melbourne
According to the REIV, 1,462 homes went under the hammer on Saturday and 1,061 sold, resulting in a clearance rate of 73%. There were 401 properties that passed in, of which 206 were on a vendor bid.
REIV CEO Gil King said the results were likely an all-time record for Victoria in a single weekend.
A staggering $1,213.60 million worth of properties were sold under the hammer.
The median house and unit sale prices were $980,500 and $630,000, according to Domain Group.
The clearance rate was down slightly on the 74% recorded in the previous weekend from 1,075 auctions, according to the REIV. It is also below the 79% recorded in the same weekend last year, although there were only 523 auctions at that time.
Sydney
Whilst Sydney has lost its lead over Melbourne this spring season, the market picked up last weekend despite a rise in properties on offer.
According to preliminary data from Domain, Sydney posted a higher clearance rate of 64.9%. There were 992 scheduled auctions and 605 properties went under the hammer, of which 449 sold totalling $455.7 million.
This is an improvement from the previous weekend’s dismal clearance rate of 57.9% from 660 listings, 520 auctions and 345 sales totalling $338.4 million.
However it pales in comparison to the same time last year, when Sydney booked a clearance rate of 76.5% from 817 listings, 706 auctions and 578 sales totalling $805.3 million.
The median house and unit sale prices were $1,505,000 and $887,500.
Canberra
Despite higher listings, Canberra bounced back strongly last weekend with a clearance rate of 82%, according to Domain.
There were 109 scheduled auctions and 71 homes went under the hammer with 59 selling.
Auction sales climb to a high of $45.213 million, which is more than double the previous weekend’s $20.21 million from 43 auctions and 30 sales.
The median sale price recorded was $816,500.
Perth
Perth had 60 listings with 28 auctions and 12 sales reported, whilst 14 homes were passed in.
Brisbane
Brisbane had 135 properties scheduled with 69 auctions and 31 sales reported, representing a clearance rate of 39%.
Auction sales totalled $24.501 million and a median sale price of $955,000 was recorded.
Across the state, there were 361 listings with 233 properties going under the hammer, of which 68 sold on the day and 32 sold prior whilst 120 homes were passed in.
Adelaide
Adelaide posted a clearance rate of 69% last weekend.
There were 96 listings with 49 auctions and 36 sales reported, totalling $18.013 million and a median sale price of $643,500.
Across South Australia, there were 163 listings, 117 auctions, 58 sales under the hammer, 21 sales prior and 32 properties were passed in.
Hobart
Hobart had six listings, five auctions and three sales last weekend. Two properties passed in.
Darwin
Darwin recorded 10 scheduled auctions and nine auctions with 1 sale at auction and two prior whilst four properties were passed in.
| Auction highlights this week Saturday, 28 October 2017 Source: APM | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 30 Larkin St, Waverton NSW 2060, 5 br House, McGrath Chatswood | $7,168,000 |
| Melbourne | 33 Grant St, Malvern East VIC 3145, 5 br House, Marshall White Stonnington | $6,125,000 |
| Adelaide | 84 Swaine Av, Toorak Gardens SA 5065, 3 br House, Ouwens Casserly | $1,400,500 |
| Brisbane | 23 Campion Av, Bardon QLD 4065, 5 br House, SPACE Property Agents Indooroopilly | $2,000,000 |
| Canberra | 3 Syme Cr, O’Connor ACT 2602, 5 br House, McGrath Estate Agents | $2,235,000 |
| Most affordable | ||
| Sydney | 60 Hay St, Lawson NSW 2783, 2 br House, Lister & Cole Estate Agents Springwood | $360,000 |
| Melbourne | 17/558 Moreland Rd, Brunswick West VIC 3055, 1 br Unit, Jellis Craig Brunswick | $237,000 |
| Adelaide | 2 Hodge Rd, Para Hills SA 5096, 3 br House, FN Peoples Choice | $246,000 |
| Brisbane | 16-20 Wyangarie Pl, Kooralbyn QLD 4285, 5 br House, Platinum Edge Properties | $280,000 |
Australian Property Journal
