This article is from the Australian Property Journal archive
THE auction market continues to cool with sales volumes down by at least 30% in Melbourne and 45% in Sydney compared to a year ago.
According to Domain, the preliminary clearance rate nationally was 59.3% from 1,496 listings, 1,091 auctions and 709 sales totalling $520.8 million.
In the previous weekend, the clearance rate was 50% from 1,639 listings, 1,401 auctions and 778 sales totalling $541.4 million.
In the same weekend last year, the clearance rate was 65.6% from 1,863 listings, 1,614 auctions and 1,131 sales totalling $1.384 billion.
Sydney
Sydney is feeling the chill with sales volumes down by around 45% compared to a year ago, AMP Capital chief economist Shane Oliver said.
Preliminary data from Domain recorded a clearance rate of 55% last weekend. There were 516 listings and 319 homes went under the hammer, of which 213 sold totalling $182.8 million.
The median house and unit sale prices were $1.30 million and $972,500 respectively.
Once the late results are reported, Oliver said the final clearance will be around 47%.
This will be weaker than the previous weekend’s 47.5% from 593 listings, 445 auctions and 255 sales totalling $193 million.
A year ago, Sydney’s market was hot, reporting a clearance rate of 64.7% and sales totalling $661.8 million. There were 750 listings, 571 auctions and 426 sales.
Melbourne
Melbourne continues to catch down to Sydney rapidly. Preliminary data from Domain reported a clearance rate of 62.3% last weekend. There were 821 listings, 668 auctions and 429 homes sold.
Sales totalled $296.7 million and the median house and unit sale prices were $880,000 and $600,000.
Oliver said the sales volumes in Melbourne are running around 30% below a year ago.
He expects the final clearance rate will be around 56%.
In the previous weekend, the clearance rate was 52.5% from 855 listings, 785 auctions and 438 sales totalling $302.4 million. In the same weekend last year, the rate was 68.4% from 896 listings, 853 auctions and 594 sales totalling $651.3 million.
Separate data from the REIV reported a preliminary clearance rate of 63% from 710 auctions and 446 sales, totalling $416 million. There were 264 properties that were passed in at auction, 136 on a vendor’s bid.
There were 194 private sales totalling $142 million.
The clearance rate was 59% from 886 auctions in the previous weekend and in the same weekend last year, it was sitting aloft at 72% from 932 auctions.
Canberra
Canberra reported a rate of 61% last weekend. Domain data shows there were 50 listings, 42 auctions and 27 homes sold under the hammer.
The total value of sales was $15.89 million and the median sale price was $780,500.
Corelogic reported a clearance rate of 65% from 51 listings, 46 auctions and 30 sales. There were 13 homes that were passed in.
Brisbane
Brisbane’s clearance rate jumped higher last weekend to 52%. According to Domain, there were 88 listings, 38 auctions and 22 sales totalling $11.29 million. A median sale price of $820,000 was reported.
However across Queensland, the rate was weaker at 37% from 273 listings, 191 auctions and 71 sales, while 106 homes were passed in.
Adelaide
Adelaide outperformed the other capital cities with a strong clearance rate of 76%. Domain reported on the weekend that of the 53 properties listed, 26 went under the hammer of which 22 sold.
The total value of sales was $11.76 million and the median sale price was $610,000.
Corelogic recorded a clearance rate of 67% for state from 74 listings, 51 auctions and 29 sales while 12 properties passed in.
Perth
Perth showed promising signs of activity with 35 listings last weekend, according to Corelogic. However only 11 properties were auctioned and four sold while seven were passed in, resulting in a clearance rate of 36%.
Darwin
Darwin reported a similar clearance rate of 33% last weekend, according to Corelogic. Of the nine listings, six properties went under the hammer and two sold. Four homes were passed in.
Hobart
For the second weekend in a row, Tasmania did not have any homes go under the hammer.
| Auction highlights this week Saturday, 23 June 2018 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 29 Trentino Rd, Turramurra NSW 2074, 5 br House, Di Jones Real Estate North Shore | $4,300,000 |
| Melbourne | 8 Staniland Av, Malvern VIC 3144, 4 br House, Marshall White Stonnington | $3,500,000 |
| Adelaide | 18 Myall Av, Kensington Gardens SA 5068, 3 br House, Bruse Real Estate | $1,280,000 |
| Brisbane | 10 Matong St, Hendra QLD 4011, 4 br House, RW Ascot | $1,420,000 |
| Canberra | 74 Captain Cook Cr, Griffith ACT 2603, 5 br House, LJH Manuka | $1,370,000 |
| Most affordable | ||
| Sydney | 4/4-6 De Witt St, Bankstown NSW 2200, 2 br Unit, McGrath Bankstown | $510,000 |
| Melbourne | 11/38 Rankins Rd, Kensington VIC 3031, 1 br Unit, Biggin & Scott Kensington | $282,000 |
| Adelaide | 9 Arthur St, Northfield SA 5085, 4 br House, Davin Real Estate | $307,500 |
| Brisbane | 2/40 Toorak Rd, Hamilton QLD 4007, 2 br Unit, RW Ascot | $330,000 |
| Canberra | 5 Groveland Cr, Isabella Plains ACT 2905, 3 br House, Luton Properties – Tuggeranong | $477,500 |
Australian Property Journal
