This article is from the Australian Property Journal archive
GREEN shoots are emerging in the auction market this spring season with activity picking up and the final weekend of September was capped off by a record smashing $24.6 million Vaucluse sale.
National
For the second consecutive weekend, auction listings have returned to pre-COVID levels despite the absence of Melbourne. According to Domain, 921 homes were scheduled of which 686 were auctioned and 465 sold, resulting in a clearance rate of 67.8%
Auction volumes totalled $390.7 million and the median house and unit sale prices were $1,205,000 and $906,000.
The result an improvement on the previous weekend’s 749 listings, 666 auctions and 436 sales totalling $305.4 million and clearance rates of 65.5%.
Listings are on par with the same weekend last year but sales volumes remain significantly lower. Last year there were 925 listings, 872 auctions and 615 sales totalling $823.3 million and a 70.5% clearance rate.
Last year and in prior years, Melbourne was largely absent but for different reasons, it was the AFL Grand Final. In 2018 the clearance rate was 39% from 545 listings, 409 auctions and 193 sales totalling $216.4 million; in 2017 it was 60.8% from 579 listings, 437 auctions and 306 sales totalling $336.6 million; in 2016 it was 70.4% from 397 listings, 336 auctions and 259 sales totalling $270.1 million.
In 2015 the AFL Grand Final was held on the 3 October 2015. As a result, the market was not distracted, and $1.5 billion worth of homes sold at auction. Clearances were 68.4% from 2,352 listings, 2,064 auctions and 1,501 sales.
Sydney
The harbour city closed out the final weekend of September with the spectacular sale of a Vaucluse home for $24.6 million, which bumped up total auction sales to $338.9 million. According to Domain, the preliminary clearance rate was 69.7% and there were 732 listings, 545 auctions and 380 sales.
The median house and unit sale prices were $1,373,000 and $910,000, respectively.
AMP Capital chief economist Shane Oliver said Sydney has perked up and expects the final clearance rate will be around 64%, which is similar to the previous weekend’s 65.2% from 601 listings, 534 auctions and 348 sales totalling $244.1 million.
Corelogic also recorded 1,619 private sales.
Last weekend’s listings are on par with the same weekend last year where there were 744 listings, 708 auctions and 524 sales totalling $752.6 million and a clearance rate of 74%. In 2018 the rate was 38.9% from 388 listings, 283 auctions and 138 sales totalling $177.4 million; in 2017 it was 61.5% from 412 listings, 309 auctions and 225 sales totalling $281.6 million; in 2016 it was 73.6% from 264 listings, 224 auctions and 184 sales totalling $224 million; and in 2015 it was 66.7% from 987 listings, 832 auctions and 622 sales totalling $774.4 million.
Melbourne
Melbourne reported only seven sales from 32 listings and 28 auctions last weekend, according to Domain. Auction volumes totalled $2.2 million.
The REIV reported 10 auction sales totalling $7 million and 128 private sales totalling $72 million.
In the previous weekend there were 12 listings, six auctions and four sales totalling $2.3 million, according to Domain.
With the exception of 2015, the auction market in prior years was impacted by the AFL Grand Final. This time last year there were 51 listings, 44 auctions and 32 sales totalling $27 million and a 72.7% clearance rate.
In the same weekend in 2018 the rate was 39.4% from 36 listings, 27 auctions and 13 sales totalling $7.8 million; in 2017 it was 68.3% from 45 listings, 39 auctions and 28 sales totalling $20.1 million; in 2016 it was 74.4% from 47 listings, 41 auctions and 32 sales totalling $22.4 million; and in 2015 it was 71.9% from 1,097 listings, 1,007 auctions and 742 sales totalling $626.3 million.
Canberra
Canberra’s market shows no signs of slowing recording another strong clearance rate of 85% on the weekend, according to Domain. Of the 49 homes listed, 40 went under the hammer and 34 sold.
Auction volumes totalled $25.50 million and the median sale price was $892,500.
Corelogic reported a 94% clearance rate from 53 listings, 33 auctions and 31 sales, along with 73 private transactions.
Brisbane
Brisbane clearance rates slipped to 51% after posting a 60% rate in the previous weekend. According to Domain, there were 52 listings, 39 auctions and 20 sales.
Auction sales totalled $11.97 million and the median sale price was $1,100,000.
Across Queensland, Corelogic reported a 48% clearance rate from 174 listings, 69 auctions and 32 homes sold. It also reported 1,171 private sales.
Adelaide
Adelaide reported a strong 71% clearance rate, according to Domain. Of the 56 homes listed, 34 were auctioned and 24 sold for $12.19 million. The median sale price was $627,000.
Across Adelaide, Corelogic reported a 81% rate from 81 listings, 31 auctions and 25 sales. At the same time, there were 334 private sales.
Perth
In Western Australia, the clearance rate was 50% from 10 listings, four auctions and two sales. According to Corelogic, there were also 503 private sales.
Hobart
Tasmania did not report any auctions last weekend but 166 homes sold privately, according to Corelogic.
Darwin
The Northern Territory reported a 67% clearance rate from seven listings, three auctions and two sales. Corelogic also recorded 25 private sales.
| Auction highlights this week Saturday, 26 September 2020 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 42 Vaucluse Rd, Vaucluse NSW 2030, 5 br House, Sydney Sotheby’s International Realty | $24,600,000 |
| Melbourne | 83 Albion Rd, Box Hill VIC 3128, 3 br Townhouse, McGrath Box Hill | $948,000 |
| Adelaide | 18 West Pallant St, North Adelaide SA 5006, 3 br House, Williams Real Estate RLA 247163 | $1,015,000 |
| Brisbane | 9 Saint James St, Highgate Hill QLD 4101, 6 br House, Hugo Alexander Property Group | $2,750,000 |
| Canberra | 2/14 Canning St, Ainslie ACT 2602, 4 br House, LJH Dickson | $1,317,000 |
| Most affordable | ||
| Sydney | 30 Turner Cl, Blue Haven NSW 2262, 2 br House, Stone Toukley/Long Jetty | $425,000 |
| Melbourne | 76 Scott St, Dandenong VIC 3175, 3 br House, Barry Plant Noble Park | $451,000 |
| Adelaide | 18 Redcliff St, Davoren Park SA 5113, 4 br Terrace, HAR – Playford | $156,000 |
| Brisbane | 5/26 Napier St, Ascot QLD 4007, 3 br Unit, RW Ascot | $405,000 |
| Canberra | 7/30 Eungella St, Duffy ACT 2611, 3 br Townhouse, Luton Properties – Weston Creek and Molonglo Valley | $550,000 |
