This article is from the Australian Property Journal archive
WITH all the different public holidays out of the way, the auction market was back in business across Australia last weekend with Canberra making a strong comeback.
National
Activity picked up with 1,702 properties listed across the nation, according to Domain, of which 1,149 went under the hammer and 915 sold, totalling $709.9 million. The median house and unit sale prices were $1,006,000 and $715,000 respectively. The preliminary clearance rate was 74.9%.
It is improvement on the previous weekend, which was lower to the NRL grand final and public holiday. There were 1,023 listings, 882 auctions and 598 sales totalling $438.7 million, resulting in a 64.1% rate.
Activity was also higher than the same weekend last year, where rate of 45.6% was recorded from 1,627 listings, 1,312 auctions and 676 sales totalling $648.3 million.
Despite the pickup last weekend, the market remains well below the same time in 2017, 2016 and 2015. In those prior years, the market was witnessing Super Saturday events leading up to the Melbourne Cup.
In 2017, sales totalled $1.315 billion. There were 1,973 listings, 1,752 auctions and 1,215 sales representing a rate of 65.3%. In 2016 the rate was 74.2% from 1,866 listings, 1,715 auctions and 1,329 sales totalling $1.501 billion and in 2015, clearances were 65.6% from 2,330 listings, 2,021 auctions and 1,420 sales totalling $1.421 billion.
Sydney
After the NRL grand final and holiday, Sydney returned with preliminary clearances of 78.8%. According to Domain, there were 626 listings, 414 auctions and 349 sales.
Sales totalled $295.8 million and the median house and unit sale prices were $1,315,000 and $920,000. The most expensive property sold is a seven bedrooms house in 87 & 89-91 Middle St, Kingsford for $7,355,000 and the cheapest was a two bedrooms apartment in 12M/15 Campbell St, Parramatta for $420,000.
In the previous weekend the rate was 72.1% from 199 listings, 159 auctions and 124 sales totalling $107.1 million. This time last year, clearances were only 45.2% from 554 listings, 391 auctions and 225 sales totalling $271.3 million.
AMP Capital chief economist Shane Oliver expects the final rate will be around 75%. Oliver added that although sales are up from their lows, they remain modest when compared to the 2013-2017 period.
In the same weekends in 2017, 2016 and 2015, clearances were 60.3% from 715 listings, 582 auctions and 396 sales totalling $551.7 million. In 2016 it was 77.3% from 676 listings, 598 auctions and 496 sales totalling $689.9 million and in 2015 it was 59.4% from 866 listings, 695 auctions and 476 sales totalling $553.6 million.
Melbourne
Last weekend in Melbourne, there were 698 auctions and 536 sales reported by the REIV, whilst 162 were passed in, 66 on a vendor bid. Volumes totalled $1.278 billion.
In the previous weekend the rate was 73% from 662 auctions and last year it was 55% from 791 auctions.
REIV CEO Gil King said auction popularity is soaring in Melbourne, with Metro Melbourne scoring a clearance rate of 78% in September compared to 58% for the same time last year, with nine suburbs clearing all their auction listings for the month.
The REIV also recorded 147 private sales totalling $88 million.
Domain reported preliminary clearances of 75%. From the 850 properties listed, 594 were auctioned and 465 sold.
Auction volumes totalled $355.1 million and the median house and unit sale prices were $964,000 and $643,000. The most expensive property sold was a three bedrooms house in 7 Ruby St, Hawthorn for $5,175,000 and cheapest was a one-bedroom unit in 8/90 Roberts St, West Footscray for $225,000.
Oliver expects the final rate will be around 67%, which is similar to the previous weekend’s 67.4% where there were 718 listings, 633 auctions and 447 sales totalling $315.8 million.
In the same weekend last year, there were 863 listings, 742 auctions and 372 sales totalling $326.2 million, representing a 47.2% rate.
Once again Oliver repeated that while sales are up from their lows, they remain modest when compared to the 2013-2017 period.
This time in 2017, the rate was 71% from 1,016 listings, 956 auctions and 699 sales totalling $679.2 million, in 2016 it was 75.6% from 990 listings, 938 auctions and 726 sales totalling $733.8 million and in 2015 it was 71% from 1,218 listings, 1,125 auctions and 819 sales totalling $788.2 million.
Canberra
After slowing in recent weeks, Canberra bounced back strongly. According to Domain, the nation’s capital posted a preliminary rate of 71%. From the 66 listings, 55 auctions and 42 sales were recorded whilst 13 homes passed in.
Sales totalled $27.682 million and the median sale price was $750,000. The most expensive sale was a three bedrooms house townhouse in 1 Blaxland Cr, Griffith for $1,865,000 and cheapest was another three bedrooms townhouse in 18/15 John Cleland Cr, Florey for $415,000.
Corelogic reported an even higher rate of 89% from 68 listings, 44 auctions, 39 sales and five properties passed in. In addition, there were 43 private sales.
Brisbane
Brisbane rebounded with a 55% rate from 97 listings, 48 auctions and 30 sales, according to Domain.
Volumes totalled $15.407 million and the median sale price was $675,000. The most expensive sale was five bedrooms house in 23 King Arthur Tce, Tennyson for $4,700,000 and cheapest was a two-bedroom unit in 3/18 Kidston St, Ascot for $335,000.
Across Queensland the rate was lower at 48%. According to Corelogic, there were 212 listings, 108 auctions, 52 sales and 47 properties passed in. At the same time, 788 homes sold privately.
Adelaide
Adelaide also performed strongly with a 69% rate, according to Domain. Of the 63 properties listed, 39 were auctioned and 29 sold. Volumes totalled $15.93 million and the median sale price was $661,500.
The most expensive property sold was a four bedrooms house in 13 Brougham Ct, North Adelaide for $1,345,000 and the cheapest was a three bedrooms house in 22 Fourth Av, Cheltenham for $452,000.
Corelogic reported a 67% rate for South Australia. Of the 93 listings, 45 auctions were held and 30 homes sold whilst 12 passed in. There were also 196 private sales.
Darwin
A 100% rate was reported in the Northern Territory. According to Corelogic, there were six listings, three auctions and all three properties sales. In addition, 18 homes sold privately.
Hobart
In Tasmania, the rate was 40% from eight listings, five auctions and two sales. The private market had 142 transactions, according to Corelogic.
| Auction highlights this week Saturday, 12 October 2019 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 87 & 89-91 Middle St, Kingsford NSW 2032, 7 br House, Laing+Simmons Kingsford | $7,355,000 |
| Melbourne | 7 Ruby St, Hawthorn VIC 3122, 3 br House, LITTLE Real Estate Victoria | $5,175,000 |
| Adelaide | 13 Brougham Ct, North Adelaide SA 5006, 4 br House, Klemich Real Estate – RLA174424 | $1,345,000 |
| Brisbane | 23 King Arthur Tce, Tennyson QLD 4105, 5 br House, Adcock Prestige | $4,700,000 |
| Canberra | 1 Blaxland Cr, Griffith ACT 2603, 3 br Townhouse, Peter Blackshaw City & Inner North | $1,865,000 |
| Most affordable | ||
| Sydney | 12M/15 Campbell St, Parramatta NSW 2150, 2 br Unit, RW Parramatta/Oatlands/Northmead | $420,000 |
| Melbourne | 8/90 Roberts St, West Footscray VIC 3012, 1 br Unit, Jas Stephens Real Estate Yarraville | $225,000 |
| Adelaide | 22 Fourth Av, Cheltenham SA 5014, 3 br House, RW Port Adelaide | $452,000 |
| Brisbane | 3/18 Kidston St, Ascot QLD 4007, 2 br Unit, RW Ascot | $335,000 |
| Canberra | 18/15 John Cleland Cr, Florey ACT 2615, 3 br Townhouse, LJH Belconnen | $415,000 |
