This article is from the Australian Property Journal archive
THE auction clearance rates has weakened further with Sydney booking another sub-60% result for the fourth consecutive weekend and the weakness appears to be contagious, with Melbourne also following suit.
Sydney
According to Domain’s preliminary data, Sydney recorded a clearance rate of 62.4% last weekend from 823 listings, 442 auctions and 333 sales. The final clearance rate is 55%.
This is the fourth weekend in a row that Sydney has recorded a clearance rate in the mid 50s. It is lower than the previous weekend’s 57% from 867 listings, 673 auctions and 449 sales.
The market is a shadow of the previous year’s 73.3% from 760 listings, 680 auctions and 534 sales.
Auction sales volumes are also declining falling to $276.7 million last weekend compared to $414.9 million in the previous weekend and well below the $735.8 million in the same weekend last year.
AMP Capital chief economist Shane Oliver said so far this November, clearance rates have averaged around 57%.
He reiterated his previous views that current clearance rates, Sydney’s house prices will likely fall, as evidenced by conditions in 2008-09 and 2011-12.
Melbourne
Melbourne also recorded a lower clearance rate last weekend.
According to Domain’s preliminary data, there were 1,407 scheduled auctions and 981 homes went under the hammer of which 717 sold totalling $603.5 million, resulting in a clearance rate of 72.1%. The final result was a clearance rate of 65%.
The result is lower than the previous weekend’s 66.4% from 1,110 listings, 1,021 auctions and 699 sales totalling $514.2 million and the same weekend last year’s 76.4% from 1,060 listings, 990 auctions and 767 sales totalling $770 million.
From another data point, the REIV’s preliminary results show Melbourne fared better with a clearance rate of 70% from 1,176 auctions and 828 sales totalling $868.45 million.
Although the rate is lower than the previous weekend’s 72% from 1,099 auctions and 78% from 1,122 auctions in the same weekend last year.
Canberra
The Canberra market also slipped below 70% last weekend, according to Domain.
There were 96 scheduled auctions, 85 homes went under hammer and 59 sold, resulting in a clearance rate of 69%.
The total value of sales was $40.11 million and a median price of $759,000 was recorded.
Brisbane
Brisbane posted a low clearance rate of just 33% from 136 listings, 40 auctions and 17 sales.
Only $10.54 million worth of homes sold under the hammer, the median price recorded was $826,000.
Across the state, there were a staggering 428 listings and 292 results were reported, with 79 sales under the hammer, 39 prior to auction whilst 153 properties were passed in.
Adelaide
Adelaide had 98 listing and 40 auctions were reported, of which 26 homes sold, resulting in a clearance rate of 62%.
The total value auction sales was $9.77 million and a median sale price of $594,500 was recorded.
Across South Australia, 156 homes were listed and 107 results were reported – 55 properties sold under the hammer, 15 prior to auction and 26 were passed in.
Perth
Perth had 94 listings and 32 homes were auctioned with 14 selling. There were six that sold prior and six were passed in.
Darwin
Darwin had 10 listings and eight auctions were reported, resulting in one sale at auction and one prior, whilst five properties were passed in.
Hobart
Hobart reported 15 listings, seven auctions and four homes sold under the hammer, whilst one was passed in.
| Auction highlights this week Saturday, 18 November 2017 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 59 Harris Stree Sutherland Av, Paddington NSW 2021, 6 br House, Ballard Property | $5,160,000 |
| Melbourne | 23 Maling Rd, Canterbury VIC 3126, 5 br House, Marshall White Boroondara | $4,125,000 |
| Adelaide | 95 Kenilworth Rd, Parkside SA 5063, 3 br House, Harris Real Estate – Glenelg | $801,000 |
| Brisbane | 4 Moore St, Milton QLD 4064, 3 br House, LJH Paddington | $1,415,000 |
| Canberra | 11 Coolibah Cr, O’Connor ACT 2602, 4 br House, IPG – Gungahlin | $1,640,000 |
| Most affordable | ||
| Sydney | 208 Buff Point Av, Buff Point NSW 2262, 2 br House, LJH Budgewoi | $467,000 |
| Melbourne | 6/307 Grange Rd, Ormond VIC 3204, 1 br Unit, Charlton King Real Estate Agents | $284,000 |
| Adelaide | 8 McCartney St, Morphett Vale SA 5162, 3 br House, C21Paterson Properties | $199,000 |
| Brisbane | 176 MacDonnell Rd, Margate QLD 4019, 3 br House, ELD – Redcliffe | $354,000 |
| Canberra | 5/26 Christmas St, Theodore ACT 2905, 3 br Townhouse, Luton Properties – Tuggeranong | $427,500 |
Australian Property Journal
