This article is from the Australian Property Journal archive
AUCTION listings continue to climb, reaching similar levels to last year but sales remain soft.
National
According to Domain, there were 1,019 properties scheduled for auction last weekend, of which 634 went under the hammer and 466 sold, resulting in a preliminary clearance rate of 62.2%. Auction volumes totalled $333.4 million and the median house and unit sale prices were $1,070,500 and $697,500.
AMP Capital chief economist Shane Oliver said although listing, sales and clearances up from shutdown lows, but they are still soft especially Melbourne.
It is a small improvement from the previous weekend’s 57.1% where there were 948 listing, 761 auctions and 488 sales totalling $320.7 million. But volumes are down on the same weekend last year where $712.8 million worth of homes sold. Clearances were 60.6% from 1,190 listings, 983 auctions and 660 sales.
This time in 2018 clearances were 55.8% due to high number of listings with 1,510 properties scheduled, 1,289 auctions held and 787 sold totalling $860.9 million. In 2017 the rate was 65.6% from 1,863 listings, 1,614 auctions and 1,131 sales totalling $1.4 billion.
This time in 2016 the rate was 65.2% from 1,762 listings, 1,569 auctions and 1,085 sales totalling $1.1 billion and in 2015 clearances were 76.5% from 1,728 listings, 1,532 auctions and 1,223 sales totalling $1.3 billion.
Sydney
Sydney’s clearance rate is expected to be weaker after reporting a preliminary rate of 62.6%. According to Domain, there were 440 listings, 266 auctions and 213 sales totalling $170.1 million. The median house and unit sale prices were $1,343,000 and $835,000.
Corelogic also reported 1365 private sales.
Oliver expects the final rate will be around 57% which is below the previous weekend’s 63.9% from 452 listings, 343 auctions and 251 sales totalling $172.7 million. This time last year, the rate was 58.5% from 445 listings, 339 auctions and 238 sales which totalled $326.1 million.
In 2018 clearances were 50.3% and there were 525 listings, 394 auctions and 238 sales totalling $351.7 million and in 2017 they were 64.7% from 750 listings, 571 auctions and 426 sales totalling $661.8 million.
In the same weekend in 2016, the rate was 67.7% from 636 listings, 535 auctions and 406 sales totalling $538.1 million and in 2015 it was 80.5% from 678 listings, 608 auctions and 512 sales totalling $623 million.
Melbourne
Melbourne clearance rates improved slightly due to few numbers of auctions. According to the REIV last weekend’s rate was 67% from 346 auctions, 231 sales totalling $209 million whilst 115 homes passed in, 42 of those on a vendor bid.
At the same time, 147 homes sold privately totalling $100 million. In the previous weekend the rate was 63% from 379 auctions and it was 69% from 544 auctions last year.
The institute said the average clearance rate was 73% from over 4,030 auctions in autumn, higher than for the same period last year (58%).
According to Domain, Melbourne returned a preliminary clearance rate of 61.7%. Of the 480 homes listed, 313 were auctioned and 216 sold totalling $140.9 million. The median house and unit sale prices were $929,500 and $592,500.
Oliver expects the final rate will be around 54% which will be higher than the previous weekend’s rate of 49.7% from 410 listings, 345 auctions, 190 sales totalling $126.8 million. This time last year the rate was 66.5% from 592 listings, 520 auctions and 361 sales totalling $345.7 million and in 2018 it was 59.5% from 824 listings, 760 auctions and 469 sales totalling $456.6 million.
In the same weekend in 2017 the rate was 68.4% from 896 listings, 853 auctions and 594 auctions from $651.3 million; in 2016 the rate was 66.9% from 890 listings, 848 auctions and 580 sales totalling $493 million and in 2015 clearances were 77.4% from 861 listings, 778 auctions and 625 sales totalling $594.2 million.
Canberra
Canberra’s clearance rate soared to 80% last weekend, according to Domain. Of the 24 homes that were listed, 20 went under the hammer and 16 sold whilst four passed in.
Sales totalled $10.12 million and the median sale price was $803,000.
Corelogic reported a lower rate of 50% from 24 listings, 12 auctions and six sales. It also recorded 81 private sales.
Brisbane
Corelogic reported a 52% clearance rate in Brisbane on the weekend. According to Domain, there were 51 listings, 26 auctions and 15 sold totalling $8.20 million.
Corelogic recorded a 49% rate in Queensland from 139 listings, 61 auctions and 30 sales whilst 29 passed in. There were also 751 private sales.
Adelaide
Last weekend in Adelaide a 60% clearance rate was recorded, according to Domain. There were 24 listings, nine auctions and six sales under the hammer totalling $4.1 million.
Corelogic also recorded a 60% rate from 41 listings, 20 auctions and 12 sales whilst eight homes passed in. At the same time, 231 properties sold privately.
Perth
Perth reported a 60% rate on the weekend, according to Corelogic. There were 14 listings, five auctions, three sales and two homes passed in. It also recorded 389 private sales.
Hobart
Tasmania held only one auction, but the property passed in. But the private market was active with 145 transactions, according to Corelogic.
Darwin
The Northern Territory had three auctions and two sales resulting in a 67% rate. There were also 14 private sales, according to Corelogic.
| Auction highlights this week Saturday, 20 June 2020 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 112 Surrey St, Darlinghurst NSW 2010, 5 br House, BresicWhitney D/hurst | $4,621,000 |
| Melbourne | 77 McCracken St, Essendon VIC 3040, 5 br House, Jellis Craig Essendon | $2,985,000 |
| Adelaide | 59 Park St, Hyde Park SA 5061, 4 br House, Harris Real Estate Sales | $1,393,000 |
| Brisbane | 332 Bowen Tce, New Farm QLD 4005, 4 br House, Place Estate Agents – New Farm | $1,950,000 |
| Canberra | 7 Gipps St, Barton ACT 2600, 2 br House, Hayman Partners, Projects | $1,860,000 |
| Most affordable | ||
| Sydney | 307/302-308 Crown St, Darlinghurst NSW 2010, 1 br Studio, Day and Hodgson Real Estate | $365,000 |
| Melbourne | 1/9 David St, Lalor VIC 3075, 1 br Unit, HAR Rata & Co | $313,000 |
| Adelaide | 3/13-15 Hewitt Av, Rose Park SA 5067, 2 br Unit, Williams Real Estate RLA 247163 | $425,000 |
| Brisbane | 5/12 Dobson St, Ascot QLD 4007, 2 br Unit, RW Ascot | $440,000 |
| Canberra | 3 Cilento St, Macgregor ACT 2615, 3 br House, Independent Inner North & City | $623,000 |
