This article is from the Australian Property Journal archive
THE auction market posted higher sales volumes last weekend across Australia with Melbourne re-entering the race after the Cup holiday.
According to Domain, $843.4 million worth of homes was sold on the weekend. From the 2,036 properties on offer, 1,334 auctions were held and 1,043 homes sold, resulting in a preliminary clearance rate of 73.9%. The median house and unit sale prices were $1,052,000 and $736,500.
Sales volumes up from the previous weekend, where Melbourne was absent due to the holiday. There were 1,138 listings, 880 auctions and 665 sales totalling $569 million.
Sales volumes and clearance rates were also higher than the $772.6 million recorded in the same weekend last year. Although there were more properties on the market last year with 1,898 listings, 1,539 auctions and 736 sales.
AMP Capital chief economist Shane Oliver said sales volumes are up from lows but remain below the boom time highs.
Last weekend’s sales volumes pale in comparison to the $1.462 billion recorded in the same weekend in 2017 from 2,247 listings, 1,981 auctions and 1,313 sales, resulting in a 60.8% rate.
Last weekend’s clearance rates are on par with the 72.8% recorded in the same weekend in 2016 but sales volumes were significantly below the $1.66 billion reported from 2,182 listings, 1,971 auctions and 1,509 sales.
In the same weekend in 2015, clearances were 61.7% from 2,601 listings, 2,273 auctions and 1,498 sales totalling $1.533 billion.
Sydney
Activity in Sydney continued to pick up with 813 listings, 532 auctions and 462 sales, resulting in an 80% preliminary clearance rate, according to Domain.
Sales volumes totalled $408.1 million and the median house and unit sale prices were $1,475,000 and $917,500. The most expensive property sold was a five bedrooms house in 8 Cotswold Rd, Strathfield for $4,850,000 and cheapest was a one-bedroom unit in 203/88 King St, Newtown for $410,000.
Oliver expects the final rate will be around 76%, which is higher than the previous weekend’s 73% from 693 listings, 568 auctions and 454 sales totalling $430.6 million. Last year, the rate was 38.8% from 668 listings, 422 auctions and 238 sales totalling $334.4 million.
In the same time in 2017, there were 861 listings, 677 auctions and 453 totalling $652.8 million. In 2016, it was 75.1% from 765 listings, 665 auctions and 542 sales totalling $769.8 million and in 2015, it was 56% from 951 listings, 762 auctions and 489 homes sold totalling $617.4 million.
Melbourne
According to the REIV, a clearance rate of 73% was recorded from 705 auctions, 513 sales and 192 homes passed in, 81 on a vendor bid. Balaclava has been the highest performing suburb in Melbourne this year, selling 89% of 65 auctions listed, followed by Ferntree Gully with 87% from 91 listings.
Auction volumes totalling $499 million. There were also 118 private sales totalling $100 million. In the previous weekend clearances were 74% from 186 auctions and last year it was 50% from 1,007 auctions.
Domain reported 957 property listings, 653 auctions and 480 sales, resulting in a preliminary rate of 71%. Volumes totalled $369.6 million and the median house and unit sale prices were $952,000 and $645,000. The most expensive property sold was a four bedrooms house in 30 Elizabeth St, Malvern for $4,750,000 and the cheapest was a one bedroom unit in 4/29 Schutt St, Newport for $293,000.
Oliver said the Melbourne market has cooled slightly since September, he expects the final rate will be around 68%. In the previous weekend it was 68.5% from 176 listings, 116 auctions and 89 sales totalling $70.2 million.
Last year the rate was 42.4% from 959 listings, 882 auctions and 402 sales totalling $361.1 million. In 2017, it was 66.5% from 1,067 listings, 1,027 auctions and 706 sales totalling $697.3 million.
In 2016, it was 75.9% from 1,095 listings, 1,040 auctions and 805 sales totalling $789.8 million. In 2015, it was 68.6% from 1,327 listings, 1,248 auctions and 870 sales totalling $819.5 million.
Canberra
Canberra recorded another strong result last weekend, posting a 68% clearance rate, according to Domain. There were 81 properties listed, 60 went under the hammer and 42 sold.
Auction volumes totalled $36.604 million and the median sale price was $840,000. The most expensive property sold was a five bedrooms house in 111 Endeavour St, Red Hill for $2,515,000 and the cheapest was a two bedrooms house in 66 Whitmore Cr, Watson for $455,000.
Corelogic recorded 87 private sales.
Brisbane
Brisbane surged strongly, recording a 64% clearance rate, according to Domain. There were 112 listings, 51 auctions and 34 sales.
Sales totalled $15.10 million and the median sale price was $922,250. The most expensive property sold was a four bedrooms house in 18 Buckland St, Holland Park West for $1,616,000 and the cheapest was four bedrooms house in 12 Cardinal Cct, Caboolture for $300,000.
Corelogic recorded a lower clearance rate of 45% across Queensland. There were 264 listings, 115 auctions and 52 sales whilst 56 passed in. There were also 866 private sales.
Adelaide
It was another solid weekend in Adelaide. According to Domain, there were 73 listings, 39 auctions and 26 sales totalling $14.70 million.
The median sale price was $649,500 and the most expensive property sold was a four bedrooms house in 106 William St, Norwood for $1,625,000 and the cheapest was a two bedrooms house in 22 Scott St, Kersbrook for $275,000.
Across South Australia, the rate was 55% from 116 listings, 60 auctions and 33 properties sold whilst 25 passed in. There were also 258 private sales.
Perth
Western Australia slumped to 25%, according to Corelogic. There were 61 listings, 13 auctions and three properties sold whilst 10 passed in.
There were also 353 private sales.
Darwin
The Northern Territory had six auctions scheduled and three properties went under the hammer but they failed to sale. There were also 15 private sales.
Hobart
Tasmania had three listings but no results were reported, according to CoreLogic. At the same time, 163 homes sold privately.
| Auction highlights this week Saturday, 9 November 2019 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 8 Cotswold Rd, Strathfield NSW 2135, 5 br House, Belle Property Strathfield | $4,850,000 |
| Melbourne | 30 Elizabeth St, Malvern VIC 3144, 4 br House, RT Edgar Toorak | $4,750,000 |
| Adelaide | 106 William St, Norwood SA 5067, 4 br House, Klemich Real Estate – RLA174424 | $1,625,000 |
| Brisbane | 18 Buckland St, Holland Park West QLD 4121, 4 br House, RW Holland Park | $1,616,000 |
| Canberra | 111 Endeavour St, Red Hill ACT 2603, 5 br House, Peter Blackshaw Manuka, Projects | $2,515,000 |
| Most affordable | ||
| Sydney | 203/88 King St, Newtown NSW 2042, 1 br Unit, ELD Inner West Haberfield | $410,000 |
| Melbourne | 4/29 Schutt St, Newport VIC 3015, 1 br Unit, Hocking Stuart Yarraville | $293,000 |
| Adelaide | 22 Scott St, Kersbrook SA 5231, 2 br House, HAR Sergeant Property | $275,000 |
| Brisbane | 12 Cardinal Cct, Caboolture QLD 4510, 4 br House, Professionals Caboolture | $300,000 |
| Canberra | 66 Whitmore Cr, Watson ACT 2602, 2 br House, PRD Canberra | $455,000 |
