This article is from the Australian Property Journal archive
THE auction market finished the winter selling season strongly with solid clearance rates reported across the country.
National
The preliminary clearance rate across Australia was 74.5%, according to Domain. Marketing activity has steadily increased over recent weekends, in anticipation of the spring selling season, with 1,376 properties listed last weekend, of which 936 were auctioned and 751 sold totalling $591.9 million. The median house and unit sale prices were $1,015,000 and $727,500.
Corelogic also recorded 1182 private sales.
In the previous weekend there were 1,175 listings, 1,048 auctions and 781 sales totalling $602.9 million. The median house and unit sale prices were $1,010,000 and $695,500.
Despite the pickup, listing and sale volumes remain below last year’s figure of 1,506 properties, where 1,259 went under the hammer and 735 sold totalling $796.8 million. The median house and unit sale prices were $1,100,000 and $708,000.
And it is well below the same weekend in 2017, where $1.22 billion worth of homes sold. There were 1,671 listings, 1,504 auctions and 1,050 sales resulting in a 65.1% clearance rate.
This time in 2016, clearances were 74.7% from 1,434 listings, 1,366 auctions and 1,041 sales totalling $1.20 billion and in 2015, it was 71.2% from 1,888 listings, 1,702 auctions and 1,271 sales totalling $1.42 billion.
Sydney
Sydney has recorded its best monthly result since March 2017. According to Domain, there were 485 listings, 304 auctions and 274 homes sold, resulting in a preliminary rate of 79.9%.
Sales totalled $247.9 million and the median house and unit prices were $1,305,000 and $900,000. The most expensive property sold was a five-bedroom house in 68 View St, Woollahra for $7,350,000 and cheapest was at one-bedroom unit in 5/41 Matthews St, Punchbowl for $320,000.
AMP Capital chief economist Shane Oliver expects the final rate will be 75%, similar to the previous weekend 74.1% from 435 listings, 370 auctions and 306 sales totalling $270.3 million.
This time last year, the rate was 51.1% from 558 listings, 420 auctions, 261 sales totalling $358.6 million and the median house and unit prices were $1,400,000 and $930,500.
In 2017, the rate 62.5% from 647 listings, 522 auction, 378 sales totalling $541.3 million. In 2016, the rate was 76.5% from 537 auctions, 484 listings and 403 sales totalling $558.6 million whilst in 2015, clearances were 72.6% from 822 listings, 720 auctions and 566 sales totalling $761.2 million.
Melbourne
According to REIV, Melbourne recorded a 76% rate. There were 586 auctions, 447 sales reported totalling $418 million, and 139 properties were passed in, 62 on a vendor bid. At the same time, there were 152 private sales totalling $$111 million.
Clearances are slightly below the previous weekend’s 79% from 594 auctions but higher than last year’s 59% from 716 auctions.
According to Domain, Melbourne notched up a preliminary clearance rate of 76% last weekend. Of the 718 properties listed, 535 went under the hammer and 421 sold.
Volumes totalled $311.8 million and the median house and unit sale prices were $940,000 and $650,000. The most expensive was a five-bedroom house in 167 Belford Rd, Kew East for $3,090,000 and cheapest was a one-bedroom apartment in 18/436 Geelong Rd, West Footscray for $210,000.
Oliver expects the final rate will be around 70%, which will be slightly below the previous weekend’s 72%. However, Oliver said this is the best monthly result since August 2017.
In the previous weekend, of the 597 properties listed, of which 558 went under the hammer and 411 sold for a total of $301.4 million. In the same period last year, the rate was 55.1% from 750 listings, 666 auctions and 384 sales totalling $376.8 million.
This time in 2017 the rate was 69.9% from 817 listings, 795 auctions and 570 sales totalling $598.4 million. In 2016, the rate was 75.5% from 702 listings, 676 listings and 520 sales totalling $508.5 million and in 2015, the rate was 73.3% from 876 listings, 821 auctions and 611 sales totalling $585.3 million.
Canberra
Corelogic reported a high 93% clearance rate in Canberra. From the 27 listings, 14 auctions and 13 sales were recorded, whilst one passed in. At the same time, 55 homes sold privately.
Domain recorded a lower rate of 60%. There were 29 listings, 23 auctions and 15 sales whilst eight were passed in. Volumes totalled $12.126 million and the median sale price was $860,000.
The most expensive sale was a five-bedroom house at 16 Roebuck St, Red Hill for $2,250,000 and cheapest was a two-bedroom house at 18 Flecker Pl, Florey for $465,000.
Brisbane
Corelogic recorded a 44% rate in Queensland. There were 248 listings, 108 auctions and 48 sales whilst 59 were passed in. There were also 795 private sales.
Domain also reported a 44% rate from 76 listings, 42 auctions, 20 sales and 22 properties passed in.
Sales totalled $10.817 million and the median price was $868,888. The most expensive was a three-bedroom house in 8 Bee St, Bardon for $1,396,000 and the cheapest was a three-bedroom house in 1 Timbarra Cr, Jindalee for $460,000.
Adelaide
Adelaide’s clearance rate was solid at 66%. According to Corelogic, there were 79 listings, 35 auctions and 23 sales whilst 11 homes were passed in. There were also 254 private sales.
Domain recorded a lower rate of 54% from 68 listings, 32 auctions and 21 sales whilst 11 properties passed in.
Sales totalled $9.204 million and the median price was $615,000. The most expensive was three-bedroom house at 9 Orient Rd, Kensington Gardens for $1,060,000 and cheapest was a three-bedroom house at 17 Frances Av, Para Hills for $360,000.
Perth
Western Australia also enjoyed higher clearances of 62% last weekend, according to Corelogic. Of the 32 properties listed, 13 went under the hammer and eight sold, whilst four were passed in. Also 333 properties sold privately.
Hobart
Tasmania had two auctions and one property sold, resulting in a 50% clearance rate. According to Corelogic, there were also 166 private sales.
Darwin
The Northern Territory also recorded a 50% rate from four auctions and two sales. Corelogic also reported 16 private sales.
| Auction highlights this week Saturday, 31 August 2019 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 68 View St, Woollahra NSW 2025, 5 br House, PhillipsPantzer Donnelley | $7,350,000 |
| Melbourne | 167 Belford Rd, Kew East VIC 3102, 5 br House, Kay & Burton – Hawthorn | $3,090,000 |
| Adelaide | 9 Orient Rd, Kensington Gardens SA 5068, 3 br House, Belle Property Norwood | $1,060,000 |
| Brisbane | 8 Bee St, Bardon QLD 4065, 3 br House, Ray White Paddington | $1,396,000 |
| Canberra | 16 Roebuck St, Red Hill ACT 2603, 5 br House, Belle Property Kingston | $2,250,000 |
| Most affordable | ||
| Sydney | 5/41 Matthews St, Punchbowl NSW 2196, 1 br Unit, Prof Punchbowl | $320,000 |
| Melbourne | 18/436 Geelong Rd, West Footscray VIC 3012, 1 br Unit, Jas Stephens Real Estate Yarraville | $210,000 |
| Adelaide | 17 Frances Av, Para Hills SA 5096, 3 br House, LJH Walkerville | Modbury | $360,000 |
| Brisbane | 1 Timbarra Cr, Jindalee QLD 4074, 3 br House, Plum Property | $460,000 |
| Canberra | 18 Flecker Pl, Florey ACT 2615, 2 br House, LJH Belconnen | $465,000 |
