This article is from the Australian Property Journal archive
THE Sydney winter residential property auction market saw an unseasonal rise in listings last weekend whilst Melbourne is expected to pick up pace over the next fortnight.
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Domain Group reported 615 listings, 472 auctions and 397 sales, reflecting a clearance rate of 80% last weekend. The total value of auction sales was $366.6 million.
Although the previous weekend had fewer listings with 550, sales were higher with 493 auctions and 424 properties sold, reflecting a clearance rate of 80.6%, totalling $409.4 million.
At the same time last year, the clearance rate was 75.5% from 410 listings, 361 auctions and 289 sales totalling $268.0.
The most expensive property sold was at 52 Burns Cr, Chiswick for $4,450,000 and most affordable was at 4/11-17 Davidson St, Greenacre for $425,000.
Domain Group senior economist Dr Andrew Wilson said the Sydney auction market bounced back last Saturday following four weekends of falling clearance rates.
“Prior to last Saturday’s result; Sydney’s weekend clearance rates had fallen over four consecutive weekends with signs that the usual mid-winter slowdown was impacting market activity. The latest result however reaffirms the underlying super-strength of the Sydney market which will likely produce yet another monthly record for this July,” Wilson said.
Melbourne achieved a clearance rate of 77% last weekend, according to the REIV. There were 507 auctions and 392 properties sold for a total of $271.91 million. There were 115 properties that were passed in, 45 of those were on a vendor bid.
The most expensive property sold was at 20 Carrington St Balwyn North for $2,051,000 and cheapest was at 4/73 Kingsville St Kingsville for $235,000.
The clearance rate is on par with the previous weekend, which had 576 auctions and higher than 69% (524 auctions) recorded last year.
REIV CEO Enzo Raimondo said there were close to 8,100 auction sales in the three months to June 2015 compared to 7,600 for the same period last year.
“The middle ring suburbs to the south east of Melbourne recorded the highest number of auction sales – 1,218 sales from 1,408 auctions held. This was followed by suburbs in Melbourne’s inner and middle north regions with 950 and 760 auction sales respectively.
“The number of auctions is expected to increase over the next fortnight with on average 750 auctions in each of the next two weekends,” he added.
Meanwhile there were 375 private sales totalling $217.85 million.
In Adelaide, the most expensive property sold last weekend was at 69 Avenue Rd, Highgate for $1,230,000 and most affordable was at 64 Overland Rd Croydon Park for $373,000.
Brisbane`s most expensive sale was at 16 Raby Bay Bvd Cleveland for $1,700,000 and most affordable was at 11 Woodview St Browns Plains for $332,000.
Finally Canberra`s most expensive sale was at 14 Beaumont Cl Chapman for $1,010,000 and cheapest was at 14/89 Britten-Jones Dr Holt ACT for $380,000.
Australian Property Journal
