This article is from the Australian Property Journal archive
AUCTION clearance rates remain in the 60s but listings continue to fall and has more than halved compared to previous years.
A preliminary clearance rate of 68.5% was reported across Australia. According to Domain, there were 725 listings, 471 auctions and 354 sales totalling $250.9 million. The median house and unit sale prices were $900,000 and $692,000.
In the previous weekend, the clearance rate was 61.1% from 768 listings, 591 auctions and 398 sales totalling $310.2 million. The median house and unit sale prices were $937,500 and $695,000.
Last weekend’s clearance rate is higher than the same time last year, mainly due to a fall in listings, which has halved when compared to last year’s 979 properties. There 796 auctions held, and 457 homes sold, representing a rate was 49.6%. Sales totalled $427.9 million and the median house and unit sale prices were $850,000 and $682,500. The interest rate in July 2018 was 1.50%.
Whilst last weekend’s clearance rate was high, market activity pales in comparison to the same weekends in 2017, 2016 and 2015.
In 2017, a rate of 65.8% was reported from 1,282 listings, 1,136 auctions and 813 sales totalling $838.6 million. The interest rate at the time was 1.50%.
In 2016, the rate was 70.7% from 1,030 listings, 928 auctions and 682 sales totalling $628.1 million. The interest rate at the time was 1.75%.
And in 2015 the clearance rate was 75.5% from 1,452 listings, 1,318 auctions and 1,040 sales totalling $1 billion. The interest rate at the time was 2%.
Sydney
Sydney reported a high preliminary clearance rate of 73.8%. According to Domain, there were 283 listings and 193 homes were auctioned, of which 155 sold.
Auction sales totalled only $120.9 million and the median house and unit sale prices were $1,255,000 and $844,000. The most expensive sale was a four-bedroom house in 36 Cleveland St, Wahroonga by Di Jones Real Estate for $2,320,000 and cheapest was a two-bedroom house in 83 Perouse Av, San Remo for $340,000 by LJ Hooker.
Corelogic reported 1,072 private sales.
AMP Capital chief economist Shane Oliver said volumes remain low and he expects the final clearance rate will be around 70%, continuing the rebound from 65.6% in the previous weekend where there were 292 listings, 209 auctions and 158 sales totalling $145.9 million. The median house and unit sale prices were $1,320,000 and $823,250.
In the same weekend in 2018, the rate was 44.9% from 355 listings, 236 auctions and 145 sales totalling $180 million. The median house and unit sale prices were $1,370,000 and $936,250.
In 2017, the rate was 63.8% from 497 listings, 410 auctions and 301 sales totalling $410.4 million.
In 2016, the rate was 71.9% from 366 listings, 321 auctions and 246 sales totalling $296.6 million.
In 2015, the rate was 78.4% from 636 listings, 575 auctions and 476 sales totalling $535.2 million.
Melbourne
The story was the same in Melbourne, the preliminary rate was 69.3%. According to Domain, there were 319 listings, 207 auctions and 160 sales.
Auction sales totalled $110.6 million and the median house and unit sale prices were $811,000 and $535,000. The most expensive sale was a three-bedroom house in 43 Cawkwell St, Malvern for $2,555,000 by agents Thomas Moreland and cheapest is a two-bedroom unit in 4/97 McCrae St, Dandenong for $283,800 by OBrien Real Estate.
Oliver expects the final rate will be around 66% which will be on par with the previous weekend’s 67.2%, where there were 340 listings, 272 auctions and 193 sales totalling $139.3 million. The median house and unit sale prices were $856,000 and $581,000.
The REIV reported a higher preliminary rate of 76% from 250 auctions and 189 properties sold totalling $142 million, whilst 61 properties were passed in – 28 a vendor bid. In comparison, the rate was 70% from 338 auctions in the previous weekend and 62% from 476 auctions last year. At the same time, there were 203 private transactions totalling $119 million.
According to Domain, the rate was 52.1% this time last year. There were 481 listings, 444 auctions were held and 244 homes sold totalling $198.4 million. The median house and unit sale prices were $795,000 and $590,250.
In 2017, there were 611 listings, 573 auctions and 431 homes sold totalling $365.9 million, resulting in a 71.6% clearance rate.
In 2016, the rate was 74.8% from 507 listings, 478 auctions and 366 sales totalling $288.2 million and in 2015 it was 75.1% from 640 listings, 599 auctions and 462 sales totalling $371.3 million.
Canberra
After lagging Sydney and Melbourne since the federal election, Canberra caught up last weekend. According to Domain, the nation’s capital bounced back with a 65% clearance rate. However, volumes were low with only 29 listings, of which 16 auctions and 11 sales were reported, whilst five were passed in and one withdrawn.
Auction sales totalled $7,721,500 and the median sale price was $625,000. The most expensive sale was of a three-bedroom house in 33 Elimatta St, Reid by Luton Properties for $1,462,000 and cheapest was also three-bedroom house in 5 Myles Cl, Calwell for $465,000 by Ray White.
Corelogic recorded a 72% rate from 32 listings, 18 auctions and 13 sales whilst four properties were passed in and one withdrawn. It also recorded 73 private sales.
Adelaide
Adelaide also joined the 60s club last weekend, posting a 63% clearance rate. According to Domain, the city of churches had 43 listings and 26 homes were auctioned and 17 sold under the hammer whilst nine were passed in and one withdrawn.
Despite the high clearance rate, only $5,718,102 worth of properties sold last weekend. The most expensive sale was of a four-bedroom house in 66 Moseley St, Glenelg by McCammon Real Estate for $1,650,000 and cheapest was a three-bedroom house in 6 Miller Cr, Parafield Gardens by Ray White for $273,102.
Corelogic reported a lower 48% clearance rate across Australia from 54 listings, 23 auctions and 11 sales whilst 10 were passed in and two withdrawn. It also recorded 233 private sales.
Brisbane
Brisbane lagged the other cities with a 34% rate. From the 51 listings, 29 homes went under the hammer and 11 sold whilst 18 were passed in and three withdrawn, according to Domain.
Sales totalled $5,571,500 and the most expensive sale was of a five-bedroom house in 21 Brook St, South Brisbane by RW Geaney Property Group for $1,690,500 and cheapest was a three-bedroom house in 13 Deborah St, Clontarf for $405,000 by Abode Properties.
The clearance rate was better across Queensland at 42%, according to Corelogic. There were 145 listings, 71 auctions and 30 sales whilst 37 homes were passed in and four withdrawn. There were also 688 private sales.
Hobart
Tasmania recorded a 100% clearance rate from the single auction held. Corelogic also recorded 134 private sales.
Darwin
The Norther Territory posted a 50% rate from four listings, two auctions and one sale.
| Auction highlights this week Saturday, 13 July 2019 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 36 Cleveland St, Wahroonga NSW 2076, 4 br House, Di Jones Real Estate North Shore | $2,320,000 |
| Melbourne | 43 Cawkwell St, Malvern VIC 3144, 3 br House, Thomas Moreland RE | $2,555,000 |
| Adelaide | 66 Moseley St, Glenelg South SA 5045, 4 br House, McCammon Real Estate | $1,650,000 |
| Brisbane | 21 Brook St, South Brisbane QLD 4101, 5 br House, RW Geaney Property Group | $1,690,500 |
| Canberra | 33 Elimatta St, Reid ACT 2612, 3 br House, Luton Properties – Dickson | $1,462,000 |
| Most affordable | ||
| Sydney | 83 Perouse Av, San Remo NSW 2262, 2 br House, LJH Budgewoi | $340,000 |
| Melbourne | 4/97 McCrae St, Dandenong VIC 3175, 2 br Unit, OBrien Real Estate Wantirna | $283,800 |
| Adelaide | 6 Miller Cr, Parafield Gardens SA 5107, 3 br House, RW Norwood | $273,102 |
| Brisbane | 13 Deborah St, Clontarf QLD 4019, 3 br House, Abode Properties | $405,000 |
| Canberra | 5 Myles Cl, Calwell ACT 2905, 3 br House, RW Canberra | $465,000 |
