This article is from the Australian Property Journal archive
THE clearance rate bounced higher on the last auction weekend for the month of February, however sales volumes remain significantly below last year.
Across the nation there were 1,858 listings last weekend, 1,113 properties were auctioned and 700 sold under the hammer, representing a preliminary clearance rate of 56.5%, according to Domain. Sales totalled $496.6 million and the median house and unit sale prices were $970,000 and $670,000 respectively.
It was an improvement from the previous weekend’s clearance rate of 51.1% from 1,162 listings, 933 auctions and 531 sales, which totalled $382.6 million and the median house and unit sale prices were $955,000 and $725,000.
However, it is below the 63.7% clearance rate in the same weekend last year where there were 2,678 listings, 2,216 auctions and 1,528 sales totalling $1.828 billion. The median house and unit prices were $1,150,000 and $735,000.
Sydney
Sydney reported a solid preliminary clearance rate of 61.3% last weekend, according to Domain. Of the 668 homes listed, 348 were auctioned and 265 sold for $212.5 million. The median house and unit prices were $1,310,000 and $871,000. At the same time, Corelogic reported 1,086 private sales last weekend.
AMP Capital chief economist Shane Oliver expects the final clearance rate will be around 58% and said the bounce back could be due to the talks of another interest rate cut.
In the previous weekend, the clearance rate was 53.4% from 441 listings, 325 auctions and 212 sales totalling $188.4 million. The median house and unit sale prices were $1,300,000 and $890,000.
Despite the clearance rate rebound, Oliver said the February average sales were down 46% on a year ago. In same weekend last year, there were 979 listings, 690 auctions and 510 homes sold, resulting in a clearance rate of 62.6%. Sales totalled $748.1 million and the median house and unit prices were $1,680,000 and $870,500.
Melbourne
Melbourne also finished February higher, recording a preliminary clearance rate of 55%. According to Domain, there 949 listings, 653 auctions and 362 sales for $241 million. The median house and unit prices were $890,000 and $572,500.
Oliver expects the final rate will be around 51%, which is slightly higher than the previous weekend’s 50.7% from 562 listings, 480 auctions and 254 sales, which totalled $162.5 million. The median house and unit prices were $855.000 and $620,000.
Despite the improvement, Oliver said February average sales are 59% below a year ago.
In the same weekend last year, Melbourne reported a 65% clearance rate from 1,405 listings, 1,285 auctions and 865 sales, totalling $956.7 million. The median house and unit prices were $1,040,000 and $625,000.
Data from the REIV shows the clearance rate was 53% from 816 auctions, 433 sales and 383 properties passed in, 201 on a vendor bid. Auction volumes totalled $392.54 million. There were also 149 private sales totalling $87 million.
In comparison, the clearance rate was 60% from 567 auctions in the previous weekend and 70% from 1,335 auctions in the same weekend last year.
Meanwhile the REIV found the bayside suburb of Carrum entered the $1 million club for the first time in the last quarter of 2018, following a 10% increase in the median house price.
REIV President Robyn Waters said Carrum was the only suburb to join the 127-member $1 million club in the October-December quarter of 2018.
“The new Skyrail may also have contributed to this boost in property values as well as an increase in culinary and entertainment options in Carrum and its neighbours such as Patterson Lakes and Chelsea.
“Another bayside locale, Elwood, also performed well in the final quarter of 2018, with the median house price increasing 19.6% from $1.73 million to $2.07 million.”
There were 10 suburbs with a median of more than $2 million at 31 December 2018 with Toorak the closest to tipping into the $3 million club with a median of $2.8 million.
“For the first time, Carlton broke into the $2 million club in 2018 as a result of a median house price increase of 36.9 per cent in the December quarter.
“Carlton joins Toorak, Armadale, Hawthorn, Black Rock, Albert Park, Malvern, Elwood, Balwyn and Canterbury in the top 10 most expensive Melbourne suburbs for median house price,” she added. “Brighton was just nudged out in 11th place with a house median of $1.99 million. Last year, 11,300 houses and 2000 units sold for more than $1 million in Victoria.”
Canberra
Last weekend in Canberra reported a preliminary clearance rate of 52%, according to Domain. Of the 80 properties listed, 53 were auctioned and 29 homes sold under the hammer. Sales totalled $22.443 million and a median of $794,250.
Corelogic reported a higher clearance rate of 67% from 86 listings, 46 auctions and 31 sales, whilst 15 properties were passed in. There were also 52 homes sold privately.
Brisbane
Brisbane finished the final auction weekend of February with a 37% clearance rate, according to Domain.
There were 101 listings, 47 auctions and 21 sales totalling $13.407 million and a median of $835,000.
Across Queensland, Corelogic reported a 35% clearance rate from 226 listings, 111 auctions and 39 sales whilst 68 properties were passed in. The private sale market reported 750 transactions.
Adelaide
For the second consecutive weekend, Adelaide was one of the strongest performing mainland capital city. According to Domain, the clearance rate was 68% from 60 listings, 32 auctions and 23 sales totalling $7.221 million.
In South Australia, there were 117 listings, 52 auctions and 31 sales while 21 homes were passed in, representing a 60% clearance rate, according to Corelogic. At the same time, there were 235 private sales.
Perth
According to Corelogic, Western Australia posted a low 22% clearance rate. Of the 35 properties listed, nine were auctioned and two sold while five were passed in.
Hobart
Tasmania had two auction listings scheduled but only one event was held, and the property failed to sell, according to Corelogic. On the other hand, there were 168 private sales.
Darwin
The Northern Territory reported a clearance rate of 80%, according to Corelogic. There were eight listings, five auctions were held and four homes sold under the hammer while one was passed in. At the same time, there were nine private sales.
| Auction highlights this week Saturday, 23 February 2019 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 10 Seaview St, Waverley NSW 2024, 4 br House, R&W ElizabethBay/Potts Pt | $4,300,000 |
| Melbourne | 144 Canterbury Rd, Middle Park VIC 3206, 4 br House, Marshall White Projects | $3,645,000 |
| Adelaide | 21 North Esp, Glenelg North SA 5045, 3 br House, Bernard H Booth | $2,390,000 |
| Brisbane | 26 Henderson St, Camp Hill QLD 4152, 5 br House, Place Estate Agents Aspley | $2,106,000 |
| Canberra | 57 Macdonnell St, Yarralumla ACT 2600, 5 br House, Peter Blackshaw Real Estate Manuka | $1,640,000 |
| Most affordable | ||
| Sydney | 12 Aitape Cr, Whalan NSW 2770, 3 br House, Laing+Simmons Mount Druitt | $366,000 |
| Melbourne | 904/19 Hall St, Moonee Ponds VIC 3039, 1 br Unit, Frank Dowling Real Estate | $300,000 |
| Adelaide | 2 Honey St, Woodville North SA 5012, 3 br House, RW Woodville | $408,000 |
| Brisbane | 2 Clarina St, Chapel Hill QLD 4069, 3 br House, McLeod Partners – Brisbane | $535,000 |
| Canberra | 5/14 Flora Pl, Palmerston ACT 2913, 3 br Townhouse, RW Canberra | $420,000 |
Australian Property Journal
