This article is from the Australian Property Journal archive
THE residential auction market has fallen back to pre-boom levels in Sydney and Melbourne, whilst the political drama in the nation’s capital failed to distract buyers, the clearance rates in Canberra bounce back to strongly last weekend.
A preliminary clearance rate of 57.6% was recorded across Australia last weekend, according to Domain.
Of the 1,577 properties scheduled for auction, 1,044 went under the hammer and 665 sold. The total value of homes sold was $509.7 million, the median house and unit sale prices were $985,000 and $707,500 respectively.
In the previous weekend, the clearance rate was 49.4% from 1,470 listings, 1,240 auctions and 679 sales totalling $494.1 million. The median sale and unit prices were $909,000 and $673,000 respectively.
Auction sales volumes are well down on the same weekend last year, where $1.324 billion changed hands. The clearance rate was 65.2% from 1,799 listings, 1,634 auctions and 1,136 sales. The median house and unit sale prices were $1,105,000 and $762,500 respectively.
Sydney
Sydney reported preliminary clearance rate of 57.6% last weekend. According to Domain, 582 homes were scheduled for auction, 329 went under the hammer and 232 sold.
Sales totalled $209.8 million and the median house and unit sale prices were $1,450,000 and $837,500 respectively.
AMP Capital chief economist Shane Oliver expects the clearance rate will be 51% once the final results are reported.
Oliver said auction sales are now running at pre-boom levels in Sydney and this is the weakest result since 2008.
In the previous weekend, the clearance rate was 48.9% from 500 listings, 373 auctions and 223 sales totalling $201.0 million. The median house and unit sale prices were $1,450,000 and $837,500 respectively.
In the same weekend last year, the clearance rate was 61.2% from 670 listings, 559 auctions and 392 sales. Sales totalled $558.9 million and the median house and unit sale prices were $1,550,000 and $889,500 respectively.
Melbourne
Similarly, Melbourne has recorded its weakest result since 2007 and auction volumes are also running around at pre-boom levels.
According to Domain, the preliminary clearance rate was 57.8% from 791 listings, 602 auctions and 359 sales.
Sales totalled $260.2 million and the median house and unit sale prices were $930,500 and $588,500 respectively.
Oliver said the clearance rate will be around 50% once the final results are reported.
In the previous weekend, the clearance rate was 49.9% from 772 listings, 691 auctions and 365 sales totalling $246.5 million. The median house and unit sale prices were $848,500 and $605,000.
In the same weekend last year, the clearance rate was 70.5%. There were 917 scheduled auctions, 886 properties went under the hammer and 637 sales totalling $692.4 million. The median house and unit sales prices were $992,500 and $590,000 respectively.
The REIV reported a preliminary clearance rate of 60%. There were 640 auctions and 386 homes sold, whilst 254 were passed in, of which 145 were on a vendor’s bid.
Auction sales totalled $351.39 million. At the same time, there were 182 private transactions totalling $117 million.
The clearance rate in the previous weekend was 58% from 725 auctions and 76% in the same weekend last year from 927 auctions.
Canberra
Despite the political distractions, Canberra was the star performer last weekend with a clearance rate of 85%, according to Domain.
There were 49 listings and 38 homes were auctioned, resulting in 33 sales.
Sales totalled $19.649 million and the median sale price was $710,000.
According to Corelogic, ACT posted a clearance rate was 67% from 86 listings, 69 auctions and 46 homes sold whilst 22 properties were passed in.
Adelaide
Adelaide was also another strong performer reporting a clearance rate of 70%, according to Domain.
Sales totalled $10.342 million and the median sale price was $675,000.
However, South Australia reported a lower clearance rate of 57% from 78 listings, 51 auctions and 29 sales whilst 18 homes were passed in, according to Corelogic.
Brisbane
The clearance rate dipped to a low of 33% last weekend in Brisbane, according to Domain. There were 93 listings, 48 auctions and 30 properties sold totalling $9.69 million and the median price was $661,000.
The clearance rate was higher across Queensland at 40%, according to Corelogic. There were 241 listings, 131 auctions and 52 homes sold under the hammer whilst 68 properties were passed in.
Perth
Perth reported a clearance rate of 52% from 38 listings, 21 auctions and 11 properties sold, whilst 10 were passed in, according to Corelogic.
Darwin
In Northern Territory, the clearance rate was 30% from 17 listings, 10 auctions and three sold whilst six properties were passed in.
Hobart
There were no auctions held across Tasmania last weekend.
| Auction highlights this week Saturday, 25 August 2018 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 15 Vista St, Greenwich NSW 2065, 3 br House, Cunninghams Property | $3,550,000 |
| Melbourne | 12 Derby St, Camberwell VIC 3124, 4 br House, Jellis Craig & Company Pty Ltd | $3,800,000 |
| Adelaide | 18A Glenferrie Av, Myrtle Bank SA 5064, 4 br House, Harris Real Estate – Glenelg | $1,010,000 |
| Brisbane | 47 Raleigh Pde, Ashgrove QLD 4060, 5 br House, SPACE Property | $1,350,000 |
| Canberra | 5 Arnhem Pl, Red Hill ACT 2603, 4 br House, Peter Blackshaw Real Estate Manuka | $1,870,000 |
| Most affordable | ||
| Sydney | 75/2 Underdale La, Meadowbank NSW 2114, 1 br Unit, Ray White Epping | $575,000 |
| Melbourne | 5/3 Royal Av, Essendon North VIC 3041, 1 br Unit, Nelson Alexander Essendon | $193,000 |
| Adelaide | 59 Gaelic Av, Holden Hill SA 5088, 2 br House, Open House Real Estate Group | $351,500 |
| Brisbane | 1/58 Amelia St, Coorparoo QLD 4151, 2 br Unit, RW Coorparoo | $337,500 |
| Canberra | 20 Bastow Cct, Banks ACT 2906, 3 br House, HAR Brindabella | $487,000 |
Australian Property Journal
