This article is from the Australian Property Journal archive
THE auction market across the country remains soft with the exception of Canberra. In Melbourne, the stage four restrictions continued to dampen the mood with only 62 homes sold under the hammer.
National
According to Domain, a preliminary clearance rate of 64.6% was recorded across Australia on the weekend. There were 735 listings, 449 auctions and 372 sales whilst 127 were withdrawn.
Auction volumes totalled $295.9 million and the median house and unit sale prices were $1,116,000 and $830,000.
Activity is down when compared to the previous weekend where there were 923 listings, 643 auctions, 473 sales totalling $373.5 million, whilst 183 passed in, resulting in a 57.3% clearance rate.
In the same weekend last year, the rate was 68% from 1,044 listings, 909 auctions and 659 sales totalling $741 million. In 2018, the rate was 50.5% from 1,515 listings, 1,252 auctions and 696 sales totalling $711 million.
This time in 2017 there were 1,567 listings, 1,445 auctions and 1,015 properties sold under the hammer resulting in a 66.7% clearance rate and totalling $1.115 billion. In 2016, the rate was 73.5% from 1,311 listings, 1,223 auctions, 938 sales totalling $1.027 billion and in 2015 clearances were 75.2% from 1,696 listings, 1,533 auctions and 1,210 sales totalling $1.24 billion.
Sydney
Sydney’s clearance rates improved on the weekend due to a fall in listings, according to Domain. There were 523 homes listed of which 330 were auctioned and 272 sold, representing a preliminary clearance rate of 65.9%.
Auction volumes totalled $228.7 million and the median house and unit sale prices were $1,360,000 and $835,000.
Corelogic reported 1,467 private sales last weekend.
AMP Capital chief economist Shane Oliver expects the final clearance rate will be around 61%, which is higher than the previous weekend’s 57.4% where there were 580 listings, 404 auctions and 294 sales totalling $259 million.
In the same weekend last year, the clearance rate was 72.3% from 375 listings, 320 auctions and 253 sales totalling $344.9 million; in 2018 clearances were 49.7% from 503 listings, 380 auctions and 228 sales totalling $296.6 million; in 2017 the rate was 63.1% from 566 listings, 493 auctions and 345 sales totalling $478.4 million.
In 2016 clearance rates climbed to a high of 79%. Of the 728 homes listed, 645 were auctioned and 532 sold for $641.6 million. Similarly in 2015 the rate was 77% from 728 listings, 645 auctions and 532 auctions totalling $641.6 million.
Melbourne
The REIV did not report a clearance rate last weekend due to the low number of auctions. The institute recorded 94 auctions, 84 sales whilst 10 properties passed in, seven on a vendor bid. Auction volumes totalled $67 million. At the same time, there were 152 private sales totalling $115 million.
Domain recorded only 62 sales last weekend from the 124 property listings and 64 auctions. The number of properties withdrawn has also fallen to 39. The clearance rate was 60.2%.
Sales totalled a paltry $42.1 million and the median sale price was $822,500.
In the previous weekend the rate was 60.8% from 223 listings, 143 auctions and 121 sales totalling $77.8 million. This time last year, the rate was 69.3% from 545 listings, 473 auctions, 346 sales totalling $354.6 million.
In 2018 the rate was 50.5% from 812 listings, 693 auctions and 370 sales totalling $342.4 million; in 2017 clearances were 72.2% and there were 797 listings, 772 auctions and 570 sales totalling $573 million; in 2016 the rate was 73.6% from 640 listings, 621 auctions and 466 sales totalling $446.4 million; and in 2015 the rate was 75.8% from 773 listings, 723 auctions and 564 sales totalling $532.2 million.
Canberra
Canberra continues to outperform last weekend. According to Domain, of the 22 homes listed, 19 went under the hammer and 16 sold resulting in a 76% clearance rate.
Auction volumes totalled $12.751 million and the median sale price was $795,000.
Corelogic recorded a 69% clearance rate from 36 listings, 26 auctions and 18 sales whilst seven homes passed in. It also reported 82 private sales.
Brisbane
Brisbane posted a 58% clearance rate. There were 36 listings, 23 auctions and 14 sales totalling $8.88 million, according to Domain.
Across the state the clearance rate was 33% from 126 listings, 55 auctions and 18 sales whilst 37 properties passed in, according to Corelogic. On the other hand, the private sales market reported 901 transactions.
Adelaide
A clearance rate of 53% was recorded in Adelaide over the weekend, according to Domain. From the 30 homes listed, 13 auctions were held and eight sold under the hammer, totalling $3.39 million.
South Australia recorded a 63% rate from 58 listings, 19 auctions and 12 sales whilst seven homes passed in, according to Corelogic. There were also 280 private sales.
Perth
Western Australia had 14 listings but only three auctions were held and the properties failed to sell, resulting in a 0% clearance rate, according to Corelogic. There were 471 private sales.
Hobart
After weeks of auction inactivity, there was one auction held in Tasmania and the property sold. According to Corelogic, there were also 156 private sales.
Darwin
The Northern Territory recorded a 75% clearance rate from six listings, four auctions and three sales, according to Corelogic. At the same time, 18 homes sold privately.
| Auction highlights this week Saturday, 15 August 2020 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 3 Wood St, Manly NSW 2095, 5 br House, Clarke & Humel Property Management Pty Ltd | $7,050,000 |
| Melbourne | 58 Tuxen St, Balwyn North VIC 3104, 4 br House, Fletchers Canterbury | $2,605,000 |
| Adelaide | 1 Ashbrook Dr, Northgate SA 5085, 5 br House, RW Tea Tree Gully | $725,000 |
| Brisbane | 156 Harts Rd, Indooroopilly QLD 4068, 3 br House, Leighton Jones Real Estate | $2,350,000 |
| Canberra | 72 Arthur Cir, Forrest ACT 2603, 4 br House, Peter Blackshaw Manuka, Projects | $2,520,000 |
| Most affordable | ||
| Sydney | 5/130-132 Blackwall Rd, Woy Woy NSW 2256, 2 br Villa, McGrath Ettalong | $528,000 |
| Melbourne | 25 Grenville Tce, Roxburgh Park VIC 3064, 3 br House, Ray White Craigieburn | $411,000 |
| Adelaide | 21 Rosecombe Pl, Parafield Gardens SA 5107, 4 br House, RW Norwood | $481,000 |
| Brisbane | 1/56 Eliza St, Clayfield QLD 4011, 2 br Unit, Wakely Properties | $320,000 |
| Canberra | 40 Dexter St, Cook ACT 2614, 3 br House, Luton Properties – Belconnen | $520,000 |
