This article is from the Australian Property Journal archive
WITH only four more auction events remaining before the turn of a new decade, buyers turned out last weekend snapping up $911 million worth of homes.
National
According to Domain, there were 2,025 properties listed and 1,386 went under the hammer of which 1,084 sold resulting in a preliminary clearance rate of 71.7%.
Auction volumes totalled $911 million and the median house and unit sale prices were $1,100,000 and $790,000.
Activity was down from the previous weekend where there were 2,140 listings, 1,789 auctions and 1,306 sales totalling $1.068 billion and clearances of 67.8%.
But it is higher than the same weekend last year, where clearances were a paltry 41.1% from 1,976 listings, 1,568 auctions and 767 sales totalling $764.4 million. The median house and unit sale prices were $970,000 and $715,000.
AMP Capital chief economist Shane Oliver said sales volumes have followed clearances up with normal lag but still down from boom time highs.
The results are still below the boom time periods of 2015-2017. This time two years ago, the headline clearance rate was 59.8% but that was due to the significantly higher number of properties on the market.
In 2017, there were 2,728 listings, 2,345 auctions and 1,552 sales totalling $1.757 billion. The median house and unit sale prices were $1,039,000 and $700,500. In 2016, the rate was 72.85 from 2,607 listings, 2,347 auctions and 1,805 sales totalling $2.07 billion, achieving median house and unit sale prices of $1,127,500 and $750,000.
In 2015, the rate was 58.3% from 3,016 listings, 2,608 auctions and 1,648 sales totalling $1.75 billion with a median house and unit sale prices of $1,000,000 and $625,000.
Sydney
Sydney’s auction market continues to hold a strong position last weekend. According to Domain, the preliminary clearance rate was 78% from 768 listings, 521 auctions and 453 sales.
Sales totalled $417.8 million and the median house and unit prices were $1,480,000 and $948,000. The most expensive property sold was a four bedrooms apartment in 2/47 Bradleys Head Rd, Mosman for $4,700,000 and cheapest was a two bedrooms apartment in 2/66 Dartbrook Rd, Auburn for $310,000.
Oliver said expects the final rate will be around 72%, which is higher than the previous weekend’s 70.2% where 765 homes were scheduled for auction, 628 went under the hammer with 489 selling for $471.8 million.
Despite last weekend’s higher clearance rates, auction volumes are only marginally higher than the $395.1 million recorded this time last year. The rate was 42.6% from 799 listings, 525 auctions and 312 sales. The median house and unit sale prices were $1,435,000 and $850,000.
And volumes are below the $717.4 million recorded in 2017 where the rate was 54.6% from 976 listings, 745 auctions and 502 sales. The median house and unit sale prices were $1,575,000 and $890,000.
And more than half of $893.7 million recorded in 2016 from 949 listings, 819 auctions and 664 sales representing clearance rate of 73.7%. The median house and unit sale prices were $1,470,000 and $856,750.
In 2015 the rate was 51.1% from 1,076 listings, 846 auctions, 508 sales totalling $682.5 million and the median house and unit sale prices were $1,437,500 and $797,500.
Melbourne
Although the 2019 spring selling season has not ended, Melbourne has already surpassed 2018’s total of 5,910 sales with over 6,200 homes sold so far, according to the REIV. There were also 206 private sales which totalled $166 million.
However, clearance rates and listings are slowing, rather than pick up, in the lead up to the holiday season. Last weekend, the preliminary clearance rate was 72% from 829 auctions, 596 sales totalling $590.14 million, whilst 233 homes passed in, 103 on a vendor bid.
The previous weekend’s rate was 72% from 1,091 auctions and this time last year it was 47% from 917 auctions.
Domain reported that preliminary clearances fell below 70% last weekend to 69.5% despite a decline in listings. There were 1,013 properties on offer, 719 were auctioned and 534 sold.
Auction volumes totalled $432.9 million and the median house and unit sale prices were $990,000 and $626,000. The most expensive property sold was a four bedrooms house in 41 Drake St, Brighton for $3,850,000 and cheapest was a one-bedroom unit in 11/158 Napier St, Essendon for $305,000.
Oliver expects the final rate will be around 67% which is slightly weaker than 69.3% recorded in the previous weekend from 1,129 listings, 982 auctions and 713 sales totalling $531.1 million. But the rate is higher than low of 38.8% reported last year from 897 listings, 797 auctions and 335 sales, totalling $288.2 million with a median house and unit sale prices were $837,341 and $572,000.
In previous years the market was ramping up in the lead up to the holiday season with buyers going on last minute shopping. In 2017, there were 1,432 listings, 1,319 auctions and 877 sales resulting in clearances of 63.7%. Auction volumes tallied $901.1 million and the median house and unit sale prices were $951,000 and $585,000. In 2016, the rate was 76.2% from 1,345 listings, 1,270 auctions and 988 sales totalling $1.057 billion with a median house and unit sale prices of $1,003,000 and $621,750.
And in 2015 there was a record 1,601 listings, 1,500 auctions and 995 sales totalling $974.1 million. The clearance rate was 64.4% whilst the median house and unit sale prices were $901,000 and $556,250.
Canberra
Clearances in the nation’s capital surged last weekend to 67%, according to Domain. Of the 59 properties listed, 53 were auctioned and 37 sold under the hammer.
Sales totalled $25,968,000 and the median sale price was $781,000. The most expensive property sold was a five bedrooms house in 16 Yapunyah St, O’Connor for $1,900,000 and cheapest was an empty lot in 5 Borthwick Av, Casey for $420,000.
Corelogic recorded an even higher 75% rate from 77 listings, 59 auctions and 44 sales whilst 13 homes passed in. It also reported 78 private sales.
Brisbane
Brisbane bounced above 50% to 58% last weekend. According to Domain, there were 94 listings, 50 auctions and 31 sales.
Sales totalled $20,862,500 and the median sale price was $932,500. The most expensive property sold was a four bedrooms house in 100 Oriel Rd, Clayfield for $4,100,000 and cheapest was another four bedrooms house in 31A Mark La, Waterford West for $375,000.
However, across Queensland the rate was only 40%. Of the 323 property listings, 133 were auctioned and 53 sold whist 77 passed in, according to Corelogic, which also reported 959 private sales.
Adelaide
Adelaide’s market slipped on the weekend with clearances falling to 53%, according to Domain. There were 91 listings, 45 auctions and 30 homes sold.
Sales totalled $14,178,950 and the median sale price was $685,000. The most expensive property sold was four bedrooms in 12 Gurrs Rd, Kensington Park for $1,225,000 and cheapest was a four bedrooms house in 14 Haddington St, Valley View for $385,000.
Corelogic reported improved clearances of 60% across South Australia. From the 120 properties listed, 57 were auctioned and 34 sold whilst 19 passed in. At the same time, 275 properties sold privately.
Hobart
Tasmania had four auctions held across the state and two homes sold. According to Corelogic, 188 properties sold privately.
Darwin
The Northern Territory had six listings, four auctions and one sale. Corelogic also recorded 17 private sales.
| Auction highlights this week Saturday, 23 November 2019 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 2/47 Bradleys Head Rd, Mosman NSW 2088, 4 br Unit, R&H Mosman | $4,700,000 |
| Melbourne | 41 Drake St, Brighton VIC 3186, 4 br House, Buxton Brighton | $3,850,000 |
| Adelaide | 12 Gurrs Rd, Kensington Park SA 5068, 4 br House, RW Norwood | $1,225,000 |
| Brisbane | 100 Oriel Rd, Clayfield QLD 4011, 4 br House, RW Ascot | $4,100,000 |
| Canberra | 16 Yapunyah St, O’Connor ACT 2602, 5 br House, LJH Dickson | $1,900,000 |
| Most affordable | ||
| Sydney | 2/66 Dartbrook Rd, Auburn NSW 2144, 2 br Unit, Ascott Real Estate | $310,000 |
| Melbourne | 11/158 Napier St, Essendon VIC 3040, 1 br Unit, Nelson Alexander Essendon | $305,000 |
| Adelaide | 14 Haddington St, Valley View SA 5093, 4 br House, R&H Salisbury | $385,000 |
| Brisbane | 31A Mark La, Waterford West QLD 4133, 4 br House, Professionals Lifestyle | $375,000 |
| Canberra | 5 Borthwick Av, Casey ACT 2913, 0 br House, Impact Properties | $420,000 |
