This article is from the Australian Property Journal archive
WHILST the weather continues to be unseasonably warm, there is no denying that the auction market has cooled. However house prices continue to rise, in Melbourne’s middle suburbs, it has cracked $1 million mark and apartment values across the city have tipped over $600,000.
Domain’s preliminary results show there were 1,329 listings last weekend, 897 homes were auctioned and 589 sold, resulting in a clearance rate of 60.2%. The total value of auction sales was $468.1 million.
Last weekend’s clearance rate was 57.6% from 1,476 listings, 1,233 auctions and 788 sales totalling $621.9 million.
In the same weekend, the national clearance rate was 70.4% from 1,400 listings, 1,236 auctions and 927 sales totalling $888.4 million.
Sydney
Last weekend in Sydney, a preliminary clearance rate of 61.3% was recorded, according to Domain.
There were 406 scheduled auctions, 222 homes went under the hammer and 168 sold, totalling $177.3 million. A median house and unit sale price of $1,392,500 and $847,500 was recorded.
AMP Capital chief economist Shane Oliver said the final clearance rate figure will be around 53%, which will be almost 20% below the same time a year ago.
In the prior weekend, Sydney recorded a clearance rate of 53.5% from 609 listings, 445 auctions and 294 sales totalling $275.1 million.
In the same weekend last year, the clearance rate was 72.3% from 495 listings, 410 auctions and 332 sales totalling $406.8 million.
Melbourne
Melbourne’s reported a preliminary clearance rate of 66% last weekend, according to the REIV.
There were 703 auctions reported with 469 homes selling and 234 passed in, 104 of those on a vendor bid. The total value of auction sales was $384 million.
In the previous weekend, the clearance rate was 65% from 790 auctions and in the same weekend last year, it was 76% from 718 auctions.
At the same time, there were 332 private sales totalling $240 million.
Despite weakness in the auction market, the REIV’s latest data for the three months to March 31 shows the median house price in the middle suburbs, between 10-20kms from the CBD, smashed the million ceiling for the first time – $1,034,000 – an increase of 4.2% from the previous quarter.
Overall, the median house price across metropolitan Melbourne rose for the eighth consecutive quarter, up 4.4% to $855,000 or 10.9% over the past 12 months.
Melbourne’s metropolitan apartment median price broke the $600,000 barrier, rising 2.4% to $607,000.
REIV president Richard Simpson said that despite lower auction clearance rates, the overall Melbourne market continued to build on 2017.
“The median for the March quarter last year showed a higher increase than this year, but then again, calendar 2017 turned into the best year since 2010, with overall growth of 13.2%.
“Continued population growth and interest rates maintained at historically low levels mean that first time home-buyers, more seasoned purchasers and investors are taking opportunities in a market that is longer on demand than supply,” he said.
Kew topped the list of the top performing suburbs, with the median price of houses rising to $2,710,000 representing an increase of a whopping 26.9% over the quarter. Tarneit also made it to the Top 10 list for quarterly growth with a median of $587,000, up 10.2%.
Meanwhile the median house price in Melbourne’s outer suburbs rose 2% over the quarter to $678,500.
Finally in regional Victoria, the median price for houses rose by 1.4%, tipping it beyond $400,000, while the median for apartments and units slipped back to just under $300,000.
Canberra
The Canberra market delivered another low clearance rate of 50% last weekend, according to Domain.
There were 31 listings, 25 auctions and 14 sales totalling $8.98 million and a median sale price of $782,500.
Brisbane
Brisbane’s clearance rate was even lower, at 38% last weekend. There were 67 listings, 38 auctions and 15 sales reported to Domain.
The total value of sales was $5.445 million.
Data from Corelogic shows Queensland reported a clearance rate 41% from 335 listings, 172 auctions and 50 sales under the hammer, 16 prior and five after auction, whilst 94 homes were passed in.
Adelaide
Domain reported a clearance rate of 66% in Adelaide last weekend.
There were 69 scheduled auctions, 31 properties went under the hammer and 23 sold.
The total value auction sales were $11.71 million and a median price of $635,000 was recorded.
Corelogic reported a clearance rate of 62% across South Australia from 115 listings, 69 auctions and 43 sales – nine prior, 33 at auction and one after, whilst 22 homes were passed in.
Perth
Perth delivered a dismal low clearance rate of only 19%, according to Corelogic.
There were 37 listings, 26 auctions and only five sales – two prior and three at auction, whilst 21 homes were passed in.
Hobart
There were five listings across Tasmania, four auctions were held which resulted in three sales, delivering a clearance rate of 75%.
One home was passed in.
Darwin
In the Northern Territory, no one was in the mood for buying. There were four listings and three auctions were reported, however the properties failed to sell.
| Auction highlights this week Saturday, 21 April 2018 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 5 Firth Av, Strathfield NSW 2135, 6 br House, Strathfield Partners Projects | $5,715,000 |
| Melbourne | 42 Draper St, Albert Park VIC 3206, 3 br House, Greg Hocking Holdsworth | $3,850,000 |
| Adelaide | 26 Tutt Av, Kingswood SA 5062, 4 br House, T&T Real Estate | $1,100,000 |
| Brisbane | 57 Wilde St, Wynnum QLD 4178, 4 br House, REMAX First Choice Advantage | $1,000,000 |
| Canberra | 43 Springvale Dr, Weetangera ACT 2614, 5 br House, Luton Properties – Belconnen | $1,150,000 |
| Most affordable | ||
| Sydney | 240/60-62 Cook Rd, Centennial Park NSW 2021, 0 br Unit, C21 Southern Realty | $388,500 |
| Melbourne | 4/24 Margaret St, Carnegie VIC 3163, 1 br Unit, Woodards Carnegie | $310,000 |
| Adelaide | 16 Tolley Cl, Paralowie SA 5108, 3 br House, LJH Walkerville | Modbury | $271,000 |
| Brisbane | 40 Laurel Oak Dr, Algester QLD 4115, 4 br House, LJH Algester | $575,000 |
| Canberra | 24/10 Ashby Cct, Kambah ACT 2902, 3 br Unit, McGrath Woden | $416,000 |
Australian Property Journal
