This article is from the Australian Property Journal archive
THE auction market has closed out the leap year weekend on a high with clearance rates remaining firm despite a pickup in listings with 2,506 properties on offer, an increase of more than 900 homes compared to a year ago.
National
According to Domain, 2,506 homes were scheduled for auction, 1,695 auction results and 1,400 sales were confirmed, resulting in a preliminary clearance rate of 78.6%. Sale volumes totalled $1.16 billion and the median house and unit sale prices were $1,120,000 and $730,000.
In the previous weekend, there were 2,135 listings, 1,797 auctions and 1,429 sales resulting in a clearance rate of 75%. Sales totalled $1.21 billion.
This time last year clearances were only 49% from 1,661 listings, 1,443 auctions and 775 sales totalling $875.4 million.
AMP Capital chief economist Shane Oliver said the strength seen into late last year from pent up demand and interest rate cuts is continuing from depressed levels a year ago.
Although he expects the market will eventually slow due to the softer economic conditions.
But last weekend’s results remain below the previous peaks. In the same weekend in 2018, whilst the clearance rate was lower at 59.1%, sales volumes were significantly higher at $1.61 billion. From the 2,409 properties listed, 2,081 were auctions of which 1,339 sold.
In the same time in 2017 clearances were 74.2% from 2,163 listings, 1,985 auctions and 1,530 sales totalling $1.77 billion.
The same weekend in 2016 there were 1,944 listings, 1,766 auctions and 1,289 sales resulting a 69.6% rate, totalling $1.37 billion whilst in 2015, it was 73.6% from 1,154 listings, 1,011 auctions and 786 sales totalling $837.2 million.
Sydney
For the third weekend in a row, preliminary clearance rates in Sydney were above 80%. Last weekend the preliminary rate was 82.2% from 911 listings, 599 auctions and 534 sales, according to Domain.
Sales totalled $512.8 million and the median house and unit sale prices were $1,440,000 and $927,000. The most expensive property sold was a four bedrooms unit in 1701/30 Glen St, Milsons Point for $7,250,000 and cheapest was a two bedrooms apartment in 8/14-16 The Trongate, Granville for $375,000.
Oliver expects the final rate will be around 75%, which is similar to the previous weekend’s 76% and higher than last year’s 56%.
In the previous weekend there were 827 listings, 688 auctions and 570 sales resulting in a 76% rate and sales totalling $555.3 million. This time last year the rate was 56% from 579 listings, 445 auctions and 293 sales totalling $431.2 million.
In the same weekend 2018 the rate was 49% from 855 listings, 811 auctions and 414 sales totalling $389.9 million. This time in 2017 clearances were 74.5% from 703 listings, 619 auctions and 496 sales totalling $712.3 million.
In 2016 the rate 69% from 583 listings, 491 auctions and 380 sales totalling $509.4 million and in 2015 it was 81% from 681 listings, 609 auctions and 530 sales totalling $653.3 million.
Melbourne
Melbourne also recorded a strong preliminary clearance rate of 78%, according to the REIV. Of the 1,163 auctions reported, 910 homes sold whilst 253 passed in, 112 on a vendor’s bid. The REIV reported that over 500 homes have been sold through auction in Melbourne’s outer ring, doubling last year’s figures, led by Craigieburn (29), Wantirna (16), Ringwood (15) and Ferntree Gully (15).
Auction volumes totalled $976 million and at the same time, 186 homes sold privately, totalling $107 million.
Clearances were 80% in the previous weekend from 1,101 auctions and last year it was 57% from 868 auctions.
Domain reported a preliminary rate of 77.4% last weekend from 1,384 listings, 983 auctions and 786 sales totalling $602.8 million.
Oliver expects the final rate will be around 75%.
The median house and unit sale prices were $1,004,000 and $633,000, the most expensive property sold was a four bedrooms house in 8 Stanley Gr, Canterbury for $3,780,000 and cheapest was a one-bedroom unit in 11/37 St Kinnord St, Aberfeldie for $300,000.
In the previous weekend the rate was 76.6% from 1,123 listings, 985 auctions and 774 sales totalling $608.8 million. This time last year, clearances were 49% from 885 listings, 811 auctions and 414 sales totalling $389.9 million.
In the same weekend in 2018, the rate was 615 from 1,312 listings, 1,215 auctions and 773 sales totalling $841.7 million; in 2017 it was 77.3% from 1,174 listings, 1,111 auctions and 877 sales totalling $931.5 million.
In 2016 the rate was 72.1% from 1,142 listings, 1,099 auctions and 802 sales totalling $782.1 million and in 2015 it was 70.9% from 274 listings, 252 auctions and 183 sales totalling $138.4 million.
Canberra
Following an early surge, the market gradually faded in the nation’s capital.
Clearances have gradually declined from 85% on 08 February, 90% on 15 February and 74% in the previous weekend.
According to Domain, the clearance rate last weekend was 69% from 65 listings, 48 auctions and 33 sales.
Auction volumes totalled $24.73 million and the median sale price was $794,000. The most expensive property sold was a three bedrooms house in 15 Francis St, Yarralumla for $1,450,000 and cheapest was a two bedrooms townhouse in 1/15 Hargrave St, Scullin for $352,500.
According to Corelogic, there were also 92 private sales.
Brisbane
Brisbane’s market continues the rollercoaster ride. Clearances rebounded last weekend to 69%, according to Domain. From the 82 homes listed, 41 went under the hammer and 29 sold.
Clearance rates recovered from the previous weekend, falling to 55% after posting a 64% rate a fortnight ago.
Auction volumes totalled $14.58 million and the median sale price was $730,000. The most expensive property sold was a five bedrooms house in 9 Kinsail Ct, Cleveland for $1,670,000 and cheapest was a two bedrooms unit in 4/59-61 Smith St, Cleveland for $210,000.
Across Queensland, clearances were 49% from 251 listings, 134 auctions and 66 sales, according to Corelogic. There were also 900 homes that sold privately.
Adelaide
Adelaide closed out the month stronger with clearances bouncing back to 69% last weekend after falling to 60% in the previous weekend, according to Domain. Of the 64 properties on offer, 24 were auctioned and 18 sold, totalling $9.23 million.
The median sale price was $600,500 and most expensive property sold was a four bedrooms house in 33 Surrey St, Grange for $1,340,000 and cheapest was a three bedrooms house in 22 Newcastle St, Rosewater for $360,000.
Corelogic reported a 78% rate from 88 listings, 40 auctions and 31 sales. It also recorded 284 private sales.
Perth
Western Australia recorded a 0% clearance rate, according to Corelogic.
Although 23 properties were listed only five auctions were reported and they all passed in. Meanwhile the private market saw 402 sales.
Hobart
Tasmania had a 100% clearance rate, only property went under the hammer and it sold. According to Corelogic, there were also 184 private sales.
Darwin
The Northern Territory had a 60% rate from nine listings, five auctions and three sales, according to Corelogic. At the same time, 10 homes sold privately.
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 1701/30 Glen St, Milsons Point NSW 2061, 4 br Unit, Black Diamondz Property Concierge Projects | $7,250,000 |
| Melbourne | 8 Stanley Gr, Canterbury VIC 3126, 4 br House, Jellis Craig Projects | Barenya Court, Kew | $3,780,000 |
| Adelaide | 33 Surrey St, Grange SA 5022, 4 br House, Ous Property | $1,340,000 |
| Brisbane | 9 Kinsail Ct, Cleveland QLD 4163, 5 br House, R&H Cleveland | $1,670,000 |
| Canberra | 15 Francis St, Yarralumla ACT 2600, 3 br House, Luton Properties – Manuka | $1,450,000 |
| Most affordable | ||
| Sydney | 8/14-16 The Trongate, Granville NSW 2142, 2 br Unit, Ray White Granville | $375,000 |
| Melbourne | 11/37 St Kinnord St, Aberfeldie VIC 3040, 1 br Unit, Barry Plant Essendon | $300,000 |
| Adelaide | 22 Newcastle St, Rosewater SA 5013, 3 br House, HAR Smith | $360,000 |
| Brisbane | 4/59-61 Smith St, Cleveland QLD 4163, 2 br Unit, R&H Cleveland | $210,000 |
| Canberra | 1/15 Hargrave St, Scullin ACT 2614, 2 br Townhouse, RW Canberra | $352,500 |
