This article is from the Australian Property Journal archive
SYDNEY and Canberra’s auction markets continue to blossom in spring with clearance rates strengthening.
National
After steadily climbing in the final two weekends of September to pre-COVID-19 levels, listings declined last weekend due to the absence of Melbourne. Domain recorded 470 properties scheduled for auction of which 330 went under the hammer and 231 sold, resulting in a preliminary clearance rate of 70%. Volumes totalled $212.1 million and the median house and unit sale prices were $1,285,000 and $770,000.
Activity and volumes were well below the previous weekend’s 922 listings, 845 auctions and 526 sales totalling $443.7 million and 62.2% clearance rate. It is also lower than the same weekend last year where there were 1,067 homes listed, of which 939 were auctioned and 609 sold totalling $589.5 million and a clearance rate of 64.9%.
This time in 2018 although clearances were lower at 47%, listings were significantly higher. There were 1,659 properties listed and 1,336 went under the hammer and 710 sold totalling $669.6 million. In 2017 the rate was 63% from 1,841 listings, 1,627 auctions and 1,108 sale totalling $1.12 billion; in 2016 clearances were 70.4% from 397 listings, 336 auctions and 259 sales totalling $270.1 million; and in 2015 the rate was 60.7% from 60.7% from 512 listings; 415 auctions and 277 sales totalling $280.5 million.
Sydney
Sydney reported a higher preliminary clearance rate of 72.1% but listings more than halved last weekend. According to Domain, there were 348 listings, 262 auctions and 189 sales totalling $187.1 million. The median house and unit sale prices were $1,360,000 and $805,000.
Corelogic reported 1,617 private sales.
AMP Capital chief economist Shane Oliver expects the final rate will be around 66% which is slightly higher than the previous weekend’s 64%, although there were 732 listings, 672 auctions and 430 sales totalling $386.6 million.
In the same weekend last year the rate was 72.4% from 201 listings, 174 auctions and 126 sales totalling $174.1 million; in 2018 it was 44.6% from 552 listing, 374 auctions and 217 sales totalling $282.2 million; in 2017 it was 59.6% from 669 listings, 527 auctions and 366 sales totalling $525.7 million; in 2016 it was 73.6% from 264 listing, 224 auctions and 184 sales totalling $224 million; and in 2015 it was 63.3% from 370 listings, 302 auctions and 214 sales totalling $239.9 million.
Melbourne
Melbourne’s market has reopened after the government relaxed restrictions by allowing private inspections. But only 54 properties were listed last weekend with 18 going under the hammer and 11 selling for $3.9 million and a preliminary clearance rate of 61%, according to Domain.
The REIV reported 21 auctions and 20 sales totalling $16.95 million. There were also 107 private sales totalling $75 million.
Oliver expects the final clearance rate will be around 60%, noting that the market is picking up slowly. In the previous weekend there were 33 listings, 30 auctions and seven sales totalling $2.2 million. This time last year clearances were 67.2% and there were 759 listings, 668 auctions and 449 sales totalling $388.3 million.
In 2018 the rate was 47.9% from 876 listings, 759 auctions and 386 sales totalling $311.4 million; in 2017 it was 67.5% from 924 listings, 875 auctions and 613 sales totalling $510.3 million; in 2016 it was 74.4% from 47 listings, 41 auctions and 32 sales totalling $22.4 million; in 2015 it was 51.3% from 43 listings, 38 auctions and 20 sales totalling $13.5 million.
Canberra
The nation’s capital continued its outperformance, reporting a 84% clearance rate. Of the 24 homes listed, 19 were auctioned and 16 sold, according to Domain. Volumes totalled $10.61 million and the median sale price was $705,000.
Corelogic reported a 81% clearance rate from 50 listings, 37 auctions and 30 sales whilst six properties passed in. It also recorded 65 private sales.
Brisbane
Brisbane recorded a 36% clearance rate on the weekend. According to Domain, there were 31 listings, 22 auctions and eight sales totalling $5.37 million.
Across Queensland clearances were stronger at 50%, according to Corelogic. Of the 137 homes listed, 62 were auctioned and 31 sold. There were also 1,213 private sales.
Adelaide
Domain recorded 13 listings, nine auctions and seven sales totalling $5.128 million.
Across the state, Corelogic reported 43 listings, 25 auctions and 19 sales resulting in a 76% clearance rate. It also recorded 307 private transactions.
Perth
In Western Australia there were 21 listings, eight auctions and four sales resulting in a 50% clearance rate, according to Corelogic. There were also 476 private sales.
Hobart
There were also auctions held on the weekend in Tasmania but there were 168 private sales, according to Corelogic.
Darwin
The Northern Territory also did not have any auctions but there were 18 private sales, according to Corelogic.
| Auction highlights this week Saturday, 3 October 2020 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 2/20 Battery St, Coogee NSW 2034, 3 br Unit, PPD Real Estate | $4,300,000 |
| Melbourne | 21 Timbertop Dr, Vermont VIC 3133, 4 br House, RW Forest Hill | $1,150,000 |
| Adelaide | 29 Netherby Av, Netherby SA 5062, 4 br House, Harris Real Estate Sales | $1,390,000 |
| Brisbane | 37 Howard St, Grange QLD 4051, 5 br House, RW Wilston | $1,715,000 |
| Canberra | 21 Sprent St, Narrabundah ACT 2604, 5 br House, Belle Property Kingston | $1,512,000 |
| Most affordable | ||
| Sydney | 11/77-79 Denman Av, Wiley Park NSW 2195, 2 br Unit, Ray White Punchbowl | $398,500 |
| Melbourne | 2/35 Tulip Gr, Cheltenham VIC 3192, 2 br Unit, Buxton Chelsea | $410,000 |
| Adelaide | 12 Orlando Av, Hampstead Gardens SA 5086, 3 br House, Northgate Real Estate | $546,000 |
| Brisbane | 9 Oberon St, Morningside QLD 4170, 4 br House, RW East Brisbane Property Management | $960,000 |
| Canberra | 18 Moulden Ct, Belconnen ACT 2617, 2 br Townhouse, Luton Properties – Belconnen | $460,000 |
