This article is from the Australian Property Journal archive
THE number of auction listings continue to lift last weekend, off a low base, as COVID-19 restrictions are gradually lifted.
National
Domain reported 397 listings last weekend, of which 278 were auctioned and 205 sold under the hammer resulting a preliminary clearance rate of 67.2%. Volumes totalled $165.1 million. The median house and unit sale prices were $1,080,000 and $636,500.
AMP Capital chief economist Shane Oliver said clearances are up from a low based helped by reopening.
Although he noted that sales remain very low and the market has yet to see the full impact from COVID-19 on incomes, immigration and the true unemployment rate post September when the JobKeeper scheme is discontinued.
But last weekend’s result is an improvement from the previous weekend’s 285 listings, 175 auctions, 133 sales totalling $98 million and clearances of 61.9%. However, it is a shadow of the same weekend last year where there were 1,767 listings, 1,428 auctions and 871 sales totalling $900.4 million.
In the same weekend in 2018, clearances were 55.7% from 1,866 listings, 1,590 auctions and 963 sales totalling $1.08 billion. In 2017 the rate was 65.6% from1,863 listings, 1,614 auctions and 1,131 sales totalling $1.4 billion.
In the same time in 2016, 1,972 properties were listed of which 1,707 were auctioned and 1,198 sold totalling $1.32 billion and a clearance rate of 66.8%, and in 2015 the rate was 79.1% from 2,195 listings, 2,019 auctions and 1,659 sales totalling $1.73 billion.
Sydney
Activity in Sydney picked up the pace with 247 homes listed, 168 auctions held of which 125 sold, according to Domain. The preliminary clearance rate was 66.8%. Oliver expects the final clearance rate will be around 63%.
Sale volumes totalled $112.2 million and the median house and unit sale prices were $1.3 million and $680,000. Although the clearance rate is lower than the previous weekend’s 71.7%, volumes were higher than $65.1 million produced in the previous weekend, where there 152 listings, 95 auctions and 76 sales.
Corelogic reported 1097 private sales last weekend.
In the same weekend last year clearances were 56.5% from 589 listings, 455 auctions and 308 sales totalling $395.6 million, whilst in 2018 the rate was 55% from 678 listings, 506 auctions, 333 sales totalling $494.5 million.
In 2017 the rate was 64.7% from 750 listings, 571 auctions and 426 sales totalling $661.8 million. In 2016 the rate was 65.9% from 632 listings, 503 auctions and 366 sales totalling $514.9 million and in 2015, the rate was 83.7% from 852 listings, 786 auctions and 691 sales totalling $868.1 million.
Melbourne
The REIV recorded high clearances of 81% last weekend. There were 105 auctions, 85 sales and 20 properties passed in, eight on a vendor bid. Auction sales totalled $79.06 million and there were also 219 private transactions totalling $156 million.
The clearance rate is up from 78% (89 auctions) in the previous weekend and 63% (835 auctions) last year.
Despite the restrictions shutting down the market since March 25, which were recently eased, Melbourne has recorded 76% clearance rate from 7,500 auctions so far this year, which higher than last year’s clearance rate of 57%.
Domain reported a preliminary clearance rate of 70.1% from 102 listings, 72 auctions and 54 sales totalling $38.9 million. The median house sale price was $920,000. Oliver expects the final rate will be around 69%.
In the previous weekend the rate was 52.9% from 82 listings, 49 auctions and 36 sales totalling $21.1 million. This time last year, the rate was 57.2% from 938 listings, 780 auctions and 471 sales totalling $445 million.
In 2018 the rate was 56.7% from 981 listings, 900 auctions and 526 sales totalling $509.8 million. In 2017 clearances were 68.4% from 896 listings, 853 auctions and 594 sales totalling $651.3 million.
In 2016 the rate was 69.5% from 1,068 listings, 978 auctions and 700 sales totalling $705.6 million and in 2015 clearances were 79.5% from 1,101 listings, 1,029 auctions and 839 sales totalling $786.7 million.
Canberra
Canberra reported 24 listings and 20 auctions of which 14 homes sold under the hammer, resulting in a 67% clearance rate, according to Domain. Auction sales totalled $10.98 million and the median sale price was $781,000.
Corelogic reported 38 listings, 26 auctions and 19 sales whilst seven properties passed in. It also recorded 78 private sales.
Brisbane
Domain recorded a 59% clearance rate in Brisbane last weekend. There were 20 properties listed and 16 were auctioned with 10 selling, totalling $3.05 million.
Across Queensland, there were 75 listings, 36 auctions and 23 sales whilst 12 passed in, according to Corelogic. On the other hand, the private sales market was stronger with 621 transactions recorded.
Adelaide
It was a quiet weekend with only four listings, two auction sales reported by Domain. However, the private market was active with 207 transactions recorded by Corelogic.
Perth
Western Australia had 17 listings but only three auctions were reported by Corelogic. The properties failed to sell and were passed in. Meanwhile 265 private sales were transacted.
Hobart
Tasmania had no auctions scheduled last weekend but there were 132 private sales, according to Corelogic.
Darwin
The Northern Territory had two listings and one auction was held but the property was passed in. Corelogic also recorded 13 private sales.
| Auction highlights this week Saturday, 23 May 2020 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 91 Florida Rd, Palm Beach NSW 2108, 3 br House, RW Prestige Palm Beach | $4,350,000 |
| Melbourne | 4 Mayrose Cr, Brighton East VIC 3187, 5 br House, Rt Edgar Elwood | $2,415,000 |
| Adelaide | SNR | SNR |
| Brisbane | 27 Azalea Cr, Calamvale QLD 4116, 7 br House, LJH Sunnybank Hills | $969,999 |
| Canberra | 62 Vasey Cr, Campbell ACT 2612, 5 br House, Luton Properties – Manuka | $1,526,000 |
| Most affordable | ||
| Sydney | 16/58-64 Ocean St, Penshurst NSW 2222, 1 br Unit, PPG Commercial Realty | $473,500 |
| Melbourne | 46/17 Eucalyptus Dr, Maidstone VIC 3012, 1 br Unit, Sweeney Inner West | $295,000 |
| Adelaide | SNR | SNR |
| Brisbane | 2 Doris Pl, Bray Park QLD 4500, 3 br House, LJH Kallangur | $315,000 |
| Canberra | 19/19 Condamine St, Turner ACT 2612, 2 br Unit, Independent Inner North & City | $502,500 |
