This article is from the Australian Property Journal archive
RESIDENTIAL auction activity picked up significantly following the Queen’s Birthday holiday.
National
According to Domain, activity surged from a low base with 944 properties listed. 590 auctions were held and 429 sold, resulting in a preliminary clearance rate of 63.4%. Volumes totalled $275.7 million and the median house and unit sale prices were $1,040,000 and $732,500.
Due to the holiday in the previous weekend the clearance rate was only 48.7%. There were only 509 listings, 366 listings, 213 auctions totalling $164 million.
AMP Capital chief economist Shane Oliver said although listing, sales and clearances are up from a low base during the COVID19 lockdown period, they remain softish, particularly in Melbourne, where the market reopening has been slower.
Despite the pickup the market remains well below the same weekend last year where there were 1,311 listings, 1,112 auctions, 726 sales totalling $779 million and clearances of 60.7%.
In the same weekend in 2018, clearances were 50.5% from 1,661 listings, 1,398 auctions and 784 sales totalling $814.1 million. In 2017 the rate was 65.9% from 1,969 listings, 1,75 auctions and 1,239 sales totalling $1.44 billion.
Similarly, in 2016 the rate was 68.7% from 1,843 listings, 1,635 auctions and 1,186 sales totalling $1.22 billion. In the same weekend in 2015 clearances peaked as high as 77% from 1,808 listings, 1,600 auctions and 1,277 sales totalling $1.4 billion.
Sydney
Sydney was one of the top performing cities on the weekend, reporting a preliminary clearance rate of 70%. According to Domain, 449 properties were listed of which 259 went under the hammer and 212 sold, totalling $136.5 million. The median house and unit sale prices were $1,345,000 and $800,000.
Corelogic reported 982 private sales.
Oliver expects the final rate will be around 64%, which is up from the previous weekend’s 50.6% where there were 315 listings, 209 auctions and 135 sales totalling $117.4 million.
This time last year the rate was 65.8% from 474 listings, 386 auctions and 283 sales totalling $392 million. In 2018 the rate was 47.9% from 598 listings, 442 auctions and 256 sales totalling $331 million.
In 2017 the rate was 65.2% from 788 listings, 656 auctions and 483 sales worth $709.9 million. In 2016 clearances were 72.2% from 645 listings, 549 auctions and 434 sales totalling $551.4 million. In 2015 the rate was 80.4% from 712 listings, 622 auctions and 528 sales totalling $664.7 million.
Melbourne
Melbourne has been lagging with the market reopening slowly compared to Sydney. According to the REIV, Melbourne posted a clearance rate of 64% from 292 auctions and 188 sales whilst 104 homes were passed in, 50 on a vendor bid. The rate is comparable to 67% (158 auctions) in the previous weekend and 68% (640 auctions) in the same weekend last year.
Almost half of the auction sales in May are from Middle Melbourne, with a total of 190 homes. Glen Waverley leads with 15 sold listings, followed by Mount Waverley (11) and Pascoe Vale (8).
Auction volumes totalled $193 millions and there were also 220 private sales worth $154 million.
Domain recorded a lower preliminary clearance rate of 57% from 410 listings, 272 auctions and 176 sales totalling $120.4 million. The median house and unit sale prices were $905,000 and $646,500.
Oliver expects the final clearance rate will be around 49%. In the previous weekend, the rate was 47.3%. There were 143 listings, 118 auctions and 61 sales totalling $36.4 million. In the same weekend last year, the rate was 62.4% from 666 listings, 583 auctions and 383 sales totalling $341 million.
In 2018 the rate was 52.9% from 867 listings, 783 auctions and 440 sales totalling $419.4 million and in 2017 the rate was 70.3% from 957 listings, 899 auctions and 653 sales totalling $656.9 million. Clearances in 2016 were similar at 70% from 980 listings, 919 auctions and 654 sales totalling $611.5 million.
In 2015 clearances were sitting at a lofty 78.8% from 897 listings, 821 auctions and 658 sales totalling $665.1 million.
Canberra
Canberra recorded high clearance rates of 70% last weekend. According to Domain, there were 25 listings, 23 auctions and 16 sales totalling $9.24 million. The median sale price was $755,000.
Corelogic recorded an even higher rate of 80% from 33 listings, 15 auctions and 12 sales whilst three properties passed in. It also reported 71 private sales.
Brisbane
After languishing below 40%, Brisbane’s clearance rates surged to 68% following the holiday, according to Domain. There were 32 listings, 23 auctions and 17 sales totalling $7.27 million.
However, clearances were weaker across the state at 40%. According to Corelogic, of the 124 properties listed, 52 auctions and 21 homes sold under the hammer whilst 29 passed in.
The private sales market remains the preferred method with 720 transactions recorded.
Adelaide
The city of churches also continued to languish with a 53% clearance rate, according to Domain. From the 28 homes listed, 13 auctions and eight sales were recorded totalling only $2.34 million.
Across South Australia the clearance rate was stronger at 63%, according to Corelogic. There were 47 listings, 31 auctions and 20 sales whilst 10 homes passed in. At the same time, 195 homes were sold privately.
Perth
Western Australia recorded a 40% rate but there were only 12 listings, five auctions and two sales. Corelogic also reported 330 private transactions.
Hobart
Tasmania did not report any auctions last weekend but 114 homes sold privately, according to Corelogic.
Darwin
The Northern Territory reported a 100% clearance rate from one auction and one sale, whilst 14 homes sold privately, according to Corelogic.
| Auction highlights this week Saturday, 13 June 2020 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 24 Flinton St, Paddington NSW 2021, 3 br House, The Agency Inner West | $3,800,000 |
| Melbourne | 23 Main St, Northcote VIC 3070, 5 br House, HAR Rata & Co | $2,310,000 |
| Adelaide | 14 Hughes St, Linden Park SA 5065, 4 br House, R&H Kurralta Park | $780,000 |
| Brisbane | 95 Ferndale St, Annerley QLD 4103, 5 br House, RW Annerley | $1,550,000 |
| Canberra | 15b Robinson St, O’Connor ACT 2602, 3 br House, McGrath Estate Agents North Canberra | $1,020,000 |
| Most affordable | ||
| Sydney | 7/8-10 Darcy Rd, Westmead NSW 2145, 2 br Unit, RW Parramatta/Oatlands/Northmead | $530,000 |
| Melbourne | 7/15 Navigator St, Maribyrnong VIC 3032, 1 br Unit, Nelson Alexander Ascot Vale | $256,000 |
| Adelaide | 26 Byron Pl, Adelaide SA 5000, 1 br House, Turner Real Estate | $390,000 |
| Brisbane | 36 Nyanza St, Woodridge QLD 4114, 4 br House, RW Logan City | $261,000 |
| Canberra | 21/9 Totterdell St, Belconnen ACT 2617, 3 br Townhouse, Carter & Co Projects | $400,000 |
