This article is from the Australian Property Journal archive
THE auction market is building up to its biggest test next weekend, just a fortnight after the major banks slashed loan rates in a bid to fire up the rapidly cooling residential property sector.
The preliminary median clearance rate nationally was 66.8%, according to Domain.
There were 2,434 scheduled auctions and 1,690 properties went under the hammer with 1,202 selling totalling $1.038 billion.
The bounce back in activity was due to the Melbourne market returning to business following the Labour Day holiday in the previous weekend.
In the previous weekend, the median national clearance rate was 56.6% from 1,243 listings, 1,028 auctions and 661 sales totalling $487.1 million.
In the same weekend last year, the national clearance rate was 73.7% from 2,180 listings, 1,995 auctions and 1,540 sales totalling $1.795 billion.
Sydney
According to Domain, Sydney recorded a preliminary clearance rate of 66.5% from 804 listings, 461 auctions and 359 sales.
AMP Capital chief economist Shane Oliver said the Sydney market remains soft and he expects the final clearance rate will be approximately 57%.
The total value auction sales was $353.7 million and the median house and unit price was $1,470,000 and $906,250 respectively.
In the previous weekend, the clearance rate was 54.2% from 740 listings, 581 auctions and 374 sales totalling $311.7 million.
In the same weekend last year, the clearance rate was 76.1% from 714 listings, 626 auctions and 520 sales totalling $783.1 million.
Melbourne
Melbourne’s market resumed following the Labour Day holiday, recording a preliminary clearance rate of 68%, according to the REIV.
There were 1,237 auctions and 844 home sold whilst 393 properties were passed in, 203 of those on a vendor bid.
Oliver said the final clearance rate is expected to be 60%.
REIV CEO Gil King said Melbourne’s premium suburbs were the busiest auction locations last weekend with multiple homes going under the hammer in Richmond, Camberwell, St Kilda and Port Melbourne.
“With more than 1,700 auctions already scheduled, next weekend will challenge the record for the most auctions held in a single weekend,” King said.
The clearance rate was 69% from the previous weekend from only 370 auctions due to the Labour Day weekend.
In the same weekend last year, the clearance rate was 79% from 1,287 auctions.
The total value of auction sales was $872.35 million. At the same time there were 328 private tales totalling $236 million.
Canberra
Canberra’s preliminary clearance rate slumped to 57% last weekend, according to Domain.
There were 81 scheduled auctions and 66 homes went under the hammer, of which 41 sold.
The total value of auction sales was $28.49 million and the median price was $649,500.
Brisbane
Brisbane’s also recorded a low clearance rate of 56%, according to Domain.
There were 93 listings, 46 auctions and 27 sales totalling $20.62 million, with a median sale price of $885,000.
Across Queensland, Corelogic reported a clearance rate of 45% from 285 listings, 183 auctions and 62 sales under the hammer, whilst 21 homes sold prior and 89 properties were passed in.
Adelaide
It was a quiet weekend in Adelaide due to the state election.
According to Domain, 50 properties were scheduled for auction and 23 homes went under the hammer with 17 selling, resulting in a clearance rate of 71%.
The total value of auction sales totalling $9.56 million with a median sale price of $672,500.
Across South Australia, the clearance rate was 62%, according to Corelogic.
There were 113 listings, 77 auctions and 40 sales under the hammer, eight sales prior and 20 homes passed in.
Perth
In Perth and Western Australia, the clearance rate was 34%, according to Corelogic.
There were 63 listings and 29 auctions were reported, with eight sales under the hammer, two prior and 18 properties were passed in.
Darwin
Last weekend in Darwin and Northern Territory, a clearance rate of 56% was recorded.
According to Corelogic, there were 12 listings and nine properties were auctioned with four selling.
Four properties were passed and one sold prior to auction.
Hobart
Across Tasmania, there were six listings and three auctions were reported and one property sold.
Australian Property Journal
| Auction highlights this week Saturday, 17 March 2018 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 2679 Old Northern Rd, Glenorie NSW 2157, 4 br House, FN Dural | $10,210,000 |
| Melbourne | 13 Wilks Av, Malvern VIC 3144, 5 br House, RT Edgar Toorak | $6,300,000 |
| Adelaide | 50 Craighill Rd, St Georges SA 5064, 4 br House, Harris Real Estate – Glenelg | $1,565,000 |
| Brisbane | 115 Frizzell St, Stretton QLD 4116, 3 br House, Queensland Sotheby’s – Brisbane | $2,720,000 |
| Canberra | 90 Dominion Cct, Deakin ACT 2600, 5 br House, Luton Properties – Manuka | $3,750,000 |
| Most affordable | ||
| Sydney | 9/486-488 Illawarra Rd, Marrickville NSW 2204, 1 br Unit, Domain Property Agents | $470,000 |
| Melbourne | 14/38 Canberra St, Brunswick VIC 3056, 1 br Unit, Brad Teal Brunswick | $282,000 |
| Adelaide | 2/26 Avenue Rd, Cumberland Park SA 5041, 2 br Unit, HAR Brock Williams | $335,000 |
| Brisbane | 15 Stonewood St, Algester QLD 4115, 3 br House, Eld Springwood | $466,000 |
| Canberra | 9/2 Covington Cr, Charnwood ACT 2615, 2 br Townhouse, LJH Belconnen | $322,000 |
Australian Property Journal
