This article is from the Australian Property Journal archive
WITH only a few weeks remaining until the end of the year, the auction market was off to a slow start in first weekend of December with Sydney and Melbourne looking to close out 2018 with clearance rates in the mid 30%.
Across Australia, a preliminary clearance rate of 43.1% was reported by Domain. There were 2,098 listings, 1,271 auctions and 664 homes sold totalling $422.6 million. The median house and unit sale prices were $906,000 and $655,250 respectively.
The results were similar to the previous weekend, where 2,014 properties were scheduled, 1,544 were auctioned and 735 sold under the hammer, representing a clearance rate of 39.6%. Sales totalled $476.9 million and the median house and unit sale prices were $900,000 and $695,500.
In the same weekend last year, the market reported a clearance rate of 57.1% from 2,517 listings, 2,190 auctions and 1,380 sales, totalling $1.534 billion and a median house and unit sale prices of $1,025,000 and $740,000.
Sydney
Sydney weakened further last weekend, Domain reported a preliminary clearance rate of 41.4%. Activity also declined with 750 properties listed, 358 auctions and 222 sales totalling just $129.7 million. The median house and unit sale prices were $1,135,000 and $803,750.
AMP Capital chief economist Shane Oliver expects the final clearance rate will be around 36% when all the results are reported.
In the previous weekend the clearance rate was 40.9% from 813 listings, 513 auctions and 299 sales totalling $219.8 million. The median house and unit sales prices were $1,365,000 and $841,500.
In the same weekend last year, there were 866 listing, 677 auctions and 427 sales, resulting in a 51.8% clearance rate. Sales totalled $594.6 million and the median house and unit sales prices were $1,456,000 and $920,000.
Melbourne
After weeks of trailing behind Sydney, Melbourne posted a preliminary clearance rate of 45.6% last weekend, according to Domain.
Activity increased slightly with 1,086 listings, 766 auctions and 374 homes selling totalling $258.7 million and the median house and unit sales were $920,000 and $590,000.
Oliver expects the final clearance rate will be around 40%, which will be an improvement from the previous weekend’s 37.3% from 918 listings, 788 auctions and 319 sales, totalling $198.4 million. The median house and unit sale prices were $800,000 and $620,000.
Despite the improvement, it is sitting significantly below the same period last year, where the clearance rate was 62.1%. There were 1,352 listings, 1,254 auctions and 812 properties sold under the hammer totalling $826 million. The median house and unit sale prices were $950,000 and $590,000.
Separate data from the REIV reported a clearance rate of 49% from 921 auctions and 450 sales, whilst 471 properties were passed in, 206 on a vendor bid. Sales totalled $389.88 million.
According to the REIV, there were also 189 private sales totalling $110 million.
The clearance rate is an improvement on the previous weekend’s 47% from 920 auctions, but below the 67% from 1,431 auctions in the same period last year.
Canberra
Canberra delivered a 50% clearance rate last weekend, according to Corelogic. Of the 105 listings, 58 properties were auctioned resulting in 34 sales whilst 31 homes passed in.
Brisbane
In Brisbane and across Queensland, there were 286 listings, 111 auctions were held and 41 homes sold whilst 62 were passed in, according to Corelogic.
Adelaide
The clearance rate was 42% in South Australia. Corelogic reported 154 listings, 85 auctions and 36 properties sold under the hammer whilst 38 were passed in.
Hobart
Tasmania had seven listings however only one property was auctioned and it sold, a six bedroom house in 17 Atkinsons Rd Grindelwald for $600,000.
Darwin
The Northern Territory had two listings, one auction, however it did not sell.
| Auction highlights this week Saturday, 1 December 2018 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 70 Alexandra St, Hunters Hill NSW 2110, 4 br House, BresicWhitney Hunters Hll | $6,750,000 |
| Melbourne | 11 Wheatland Rd, Malvern VIC 3144, 4 br House, Jellis Craig Stonnington | $4,010,000 |
| Adelaide | 8 Park Cr, Linden Park SA 5065, 3 br House, LJH Kensington | Unley | $1,435,000 |
| Brisbane | 62 Bank Tce, Paddington QLD 4064, 4 br House, SPACE Property | $1,100,000 |
| Canberra | 28 Melbourne Av, Deakin ACT 2600, 3 br House, Luton Properties – Manuka | $1,675,000 |
| Most affordable | ||
| Sydney | 2 Barclay Av, Mannering Park NSW 2259, 3 br House, Greg Stott Properties.com | $445,000 |
| Melbourne | 406/1 Watts St, Box Hill VIC 3128, 1 br Unit, Ray White Blackburn | $305,000 |
| Adelaide | 3 Sharon Dr, Para Hills SA 5096, 3 br House, Harris Real Estate – Glenelg | $318,500 |
| Brisbane | 40 Tiffany Ct, Caboolture QLD 4510, 4 br House, Professionals Caboolture | $335,000 |
| Canberra | 2/10 Vanzetti Cr, Kambah ACT 2902, 3 br Townhouse, home.byholly | $475,000 |
Australian Property Journal
