This article is from the Australian Property Journal archive
AFTER suffering a slump, the residential auction market recovered last weekend with Canberra leading the way.
According to Domain’s preliminary data, there were 1,801 listings across Australia with 1,242 homes going under the hammer and 837 selling, resulting in clearance rate of 61.5%. The total value of auction sales was $686.7 million.
In the previous weekend, the clearance rate was 55.3% from 2,077 listings, 1,775 auctions and 1,090 sales totalling $815.8 million.
In the same weekend last year, there were 1,281 listings, 1,125 properties went under the hammer and 833 sold, representing a clearance rate of 68.8% and total sales of $874.1 million.
Sydney
After posting its worst result in 10 years, the Sydney market recovered slightly last weekend.
According to Domain, a preliminary clearance rate of 62.3% was recorded last weekend from 635 listings, 371 auctions and 283 sales totalling $252.3 million.
AMP Capital chief economist Shane Oliver said the final clearance rate is expected to be around 52%.
That will be an improvement from the previous weekend’s 48.1% from 673 listings, 502 auctions and 301 sales totalling $261.7 million.
Melbourne
Melbourne is performing slightly better but it continues to slide.
According to the REIV, the preliminary clearance rate was 64% from 863 auctions and 552 sales, totalling $555.32 million.
In the previous weekend, the clearance rate was 67% from 1,148 auctions.
A year ago, the clearance rate was 78% from 660 auctions.
Meanwhile there were 285 private sales totalling $212 million last weekend.
The number of homes, 316, passed in eclipsed private sales of which 149 were on a vendor vid.
So far 219 results have yet to be reported.
Canberra
Canberra’s posted the highest clearance rate across the country of 71%, according to Domain preliminary results.
It was an active weekend for Canberra with 75 listings, which saw 66 homes go under the hammer and 49 sold totalling $33.65 million.
Corelogic reported a clearance rate of 74% in the ACT from 102 listings and 89 auctions, of which 55 homes sold on the day, 11 prior whilst 21 were passed in.
Brisbane
It was a short-lived bounce in Brisbane, which recorded a low clearance rate of 39% last weekend following the 53% result in the previous weekend, according to Domain.
There were 72 listings, 39 auctions and 18 homes sold, totalling $10.41 million.
Corelogic reported a clearance rate of 41% from 236 listings, 158 auctions and 43 sales at auction, 20 prior and one after.
A staggering 77 properties were passed in.
Adelaide
Adelaide also saw a pickup in activity last weekend with 69 homes listed, of which 39 were auctioned and 26 sold. According to Domain, this resulted in a clearance rate of 62%.
The total value of properties sold was $12.07 million and the median price was $600,000.
According to Corelogic, there were 104 listings and 64 auctions across South Australia, with 29 homes selling under the hammer, nine prior and one after whilst 20 properties were passed in.
Perth
It was a quiet weekend for Perth with only 46 listings, according to Corelogic.
There were 24 auctions and four homes sold at auction and one prior, resulting in a clearance rate of 21%.
More properties were passed in, 17, compared to sales.
Hobart
In Hobart and Tasmania, there were five listings, two auctions and one sale, resulting in a clearance rate of 50%, according to Corelogic.
Darwin
Similarly Darwin also reported a clearance rate of 50% from seven listings and six auctions, with one sale under the hammer, one prior and one after auction. Three properties were passed in.
| Auction highlights this week Saturday, 5 May 2018 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 3 Longview St, Balmain NSW 2041, 3 br House, Belle Property Balmain | $4,800,000 |
| Melbourne | 507 Orrong Rd, Armadale VIC 3143, 10 br House, Marshall White Stonnington | $6,600,000 |
| Adelaide | 133 Swaine Av, Toorak Gardens SA 5065, 4 br House, Klemich Real Estate – RLA174424 | $1,650,000 |
| Brisbane | 56 Stephen St, Camp Hill QLD 4152, 4 br House, Place Estate Agents Aspley | $1,385,000 |
| Canberra | 20 Hackett Gdns, Turner ACT 2612, 3 br Duplex, Maloney’s The EA | $1,445,000 |
| Most affordable | ||
| Sydney | 14/145 Chapel Rd, Bankstown NSW 2200, 1 br Unit, McGrath Bankstown | $350,000 |
| Melbourne | 4106/220 Spencer St, Melbourne VIC 3000, 1 br Unit, Lucas Real Estate | $285,000 |
| Adelaide | 796 Torrens Rd, Rosewater SA 5013, 3 br House, HAR Sheppard Property RLA 211280 | $391,000 |
| Brisbane | 4 Dale St, Kingston QLD 4114, 3 br House, LJH Logan City | $220,000 |
| Canberra | 6 Skewes St, Casey ACT 2913, 2 br Terrace, HAR Brindabella | $417,000 |
Australian Property Journal
