This article is from the Australian Property Journal archive
AUCTION clearance rates across the country improved on the weekend, however listings declined in Melbourne as the state government reintroduced restrictions in high risk suburbs and locked down public housing flats in a bid to combat the increase in COVID-19 cases.
National
A 64% preliminary clearance rate was recorded across Australia last weekend, according to Domain. Although the higher clearance rate was due to lower listings with 940 properties scheduled for auction of which 598 went under the hammer and 452 sold, totalling $334.8 million.
In comparison the previous weekend there were 1,151 listings, 897 auctions, 609 sales resulting in a 58% clearance rate and totalling $421.1 million. In the same weekend last year, the rate was 62.8% from 786 listings, 621 auctions and 428 sales totalling $418.1 million.
In 2018 clearances were 49.2% from 1,136 listings, 917 auctions and 522 sales totalling $531 million. In 2017 the rate was 66.2% from 1,380 listings, 1,238 auctions and 872 sales totalling $862.5 million.
In 2016 rates were 70.1% and there were 1,126 listings, 1,003 auctions and 745 sales totalling $644.4 million and in 2015, clearances were aloft at 74.9% from 1,320 listings, 1,196 auctions and 933 sales totalling $842.2 million.
Sydney
Clearance rates improved last Saturday due to fewer properties on the market. According to Domain, there were 470 listings, 310 auctions and 243 sales, resulting in a preliminary clearance rate of 66%.
Volumes totalled $201.1 million and the median house and unit sale prices were $1,365,000 and $925,000.
Corelogic also recorded 1,380 private sales.
AMP Capital chief economist Shane Oliver expects the final rate will be 62%, which is an improvement on the previous weekend’s 59.1%, although there were more properties on the market with 529 listings, 377 auctions and 276 sales totalling $212.4 million.
In the same weekend last year, the rate was 68.1% and there were 288 listings, 226 auctions and 175 properties sold under the hammer for $220 million.
In 2018 clearances were 47.6% from 441 listings, 309 auctions and 191 sales totalling $257 million. In 2017 the rate was 66.9% from 535 listings, 462 auctions and 341 sales totalling $437.1 million.
In 2016 the rate was 72.1% from 419 listings, 364 auctions and 290 sales totalling $321 million and in 2015 it was 77.7% from 622 listings, 562 auctions and 460 sales totalling $497.9 million.
Melbourne
The number of listings declined last weekend after the Andrews government reintroduced stage three restrictions for 10 postcodes, including:
- 3012 Brooklyn, Kingsville, Maidstone, Tottenham, West Footscray.
- 3021, Albanvale, Kealba, Kings Park, St Albans.
- 3032, Ascotvale, High Point city, Maribyrnong, Travencore.
- 3038, Keilor Downs, Keilor Lodge, Taylors Lakes, Watergardens.
- 3042, Airport West, Keilor Park, Niddrie.
- 3046, Glenroy, Hadfield, Oak Park.
- 3047, Broadmeadows, Dallas, Jacana.
- 3060, Fawkner.
- 3064, Craigieburn, Donnybrook, Mickelham, Roxburgh Park and Calcallow.
On Saturday night two more suburbs were added to the list, namely North Melbourne and Kensington along with nine public housing towers were placed in lockdown after the state recorded 108 new cases – the biggest jump since March 28 when 111 cases were recorded. At that time, many were returned travellers in hotel quarantine in contrast to the current 389 community transmissions.
The REIV reported a clearance rate of 71% last weekend in Melbourne from 292 auctions and 208 sales whilst 84 properties passed in, 31 on a vendor bid. Auction sales totalled $172 million and there were also 203 private transactions totalling $159 million.
The previous weekend had 501 auctions and reported a 66% clearance rate and it was 71% (331 auctions) this time last year.
According to Domain, there were 373 listings, 235 auctions and 171 sales, resulting in a preliminary clearance rate was 62.2%. Auction volumes totalled $111 million, the median house and unit sale prices were $842,806 and $642,000.
Oliver expects the final rate will be 57%, which is on par with the previous weekend’s 56.6% where there were 528 listings, 442 auctions and 279 sales totalling $183.1 million. In the same weekend last year, the rate was 67.3% from 361 listings, 281 auctions and 200 sales totalling $159.6 million.
In 2018 the rate was 50.4% from 539 listings, 476 auctions and 259 sales totalling $217.3 million and in 2017 clearances were 69.8% from 663 listings, 612 auctions and 441 sales totalling $356.9 million.
In the same weekend in 2016 the rate was 72.5% from 518 listings, 485 auctions and 361 sales totalling $262.9 million and in 2015 it was 75.4% from 540 listings, 513 auctions and 398 sales totalling $297.4 million.
Canberra
In the nation’s capital the clearance rate soared to 85% last weekend. According to Domain, there were 33 listings, 24 auctions and 22 sales totalling $16.623 million and the median price for $805,000.
Corelogic recorded a 93% clearance rate from 35 listings, 37 auctions and 25 sales whilst one property passed in. It also recorded 68 private sales.
Brisbane
Clearance rates slumped to only 27% last weekend, according to Domain. Of the 42 properties listed, 15 auctions were held and six properties sold whilst nine passed in. auction volumes totalled only $3.66 million.
Across the state, Corelogic reported a 39% clearance rate. There were 146 listings, 76 auctions and 30 sales whilst 39 properties passed in. There were also 928 private sales.
Adelaide
Adelaide also performed strongly last weekend, reporting a 71% clearance rate, according to Domain. There were 22 listings, 14 auctions and 10 sales totalling $2.361 million.
Corelogic recorded a 73% clearance rate from 39 listings, 15 auctions and 11 sales whilst four passed in. There were 313 private sales.
Perth
Western Australia recorded a 40% clearance rate from 14 listings, five auctions and two sales whilst three homes passed in, according to Corelogic. There were 461 private sales.
Hobart
Tasmania did not record any auctions last weekend but there were 144 private sales, according to Corelogic.
Darwin
The Northern Territory had a 100% clearance rate from one auction and sale. There were also 11 private sales, according to Corelogic.
| Auction highlights this week Saturday, 4 July 2020 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 39 Barons Cr, Hunters Hill NSW 2110, 4 br House, McGrath Hunters Hill | $5,600,000 |
| Melbourne | 43 Kent St, Ascot Vale VIC 3032, 4 br House, Brad Teal Ascot Vale | $3,100,000 |
| Adelaide | 18 Ross Av, Flinders Park SA 5025, 3 br House, Ous Property | $643,200 |
| Brisbane | 68-70 Bennetts Rd, Camp Hill QLD 4152, 4 br House, RW Carina | $1,020,000 |
| Canberra | 95 La Perouse St, Griffith ACT 2603, 4 br House, Luton Properties – Manuka | $2,200,000 |
| Most affordable | ||
| Sydney | 8/15 Alice St, Harris Park NSW 2150, 2 br Unit, RW Parramatta/Oatlands/Northmead | $478,000 |
| Melbourne | 403/17 Singers La, Melbourne VIC 3000, 1 br Unit, Pagan Real Estate | $281,000 |
| Adelaide | 19 Karinga Cr, Munno Para SA 5115, 3 br House, RW Craigmore | $195,000 |
| Brisbane | 6 Terrier Ct, Redland Bay QLD 4165, 3 br House, LJH Cleveland | $360,000 |
| Canberra | 21 Hyndes Cr, Holder ACT 2611, 2 br Townhouse, Luton Properties – Weston Creek and Molonglo Valley | $540,000 |
