This article is from the Australian Property Journal archive
AUCTIONS across Australia continue to experience a spring bounce, led by the sale of Susan Rankine’s Point Piper home for $13.025 million, the second high-profile prestige property sale by auction in less than a month.
National
A rebound in listings in Sydney saw total listings increased to 948 properties on the weekend, according to Domain. There were 689 auctions and 481 sales, resulting in a clearance rate of 69.8%. Sale volumes totalled $430 million and the median house and unit sale prices $1,160,000 and $875,500.
It is an improvement from the previous weekend where there were 472 listings, 377 auctions and 247 sales totalling $223.6 million.
However due to the absence of Melbourne, activity remains significantly below last year’s 1,746 listings, 1,593 auctions and 1,090 sales totalling $1.21 billion and a clearance rate of 68.4%.
This time in 2018 there were 1,627 listings, 1,312 auctions and 676 sales totalling $648.3 million and clearance rates were 45.6%; in 2017 there were 1,973 listings, 1,752 auctions and 1,215 sales totalling $1.315 billion and a 65.3% clearance rate.
In 2016 the rate was 74.2% from 1,868 listings, 1,715 auctions and 1,329 sales totalling $1.52 billion and in 2015 it was 68.8% from 2,534 listings, 2,230 auctions and 1,624 sales totalling $1.623 billion.
Sydney
Sydney bounced back strongly after a poor start to October. According to Domain, there were 719 homes listed of which 540 were auctioned with 378 selling, resulting in a preliminary clearance rate of 70%.
The weekend was topped off by the sale of a Point Piper apartment for $13.025 million, significantly above the price guide of $7 million.
The three-bedroom apartment at 2/124 Wolseley Rd, Point Piper was sold by Sothebys International Realty’s Michael Pallier. This is the first time it has changed hands in 70 years.
2/124 Wolseley Rd, Point Piper
Corelogic also reported 1,254 private sales.
This is Pallier’s second high profile sale in a fortnight after he set a new auction record late last month with the $24.6 million sale of a Vaucluse residence, $10 million above the reserve price.
Auction volumes totalled $357.8 million last weekend and the median house and unit sale prices were $1,406,000 and $901,000.
AMP Capital chief economist Shane Oliver expects the final clearance rate will be around 65%, which is slightly lower than the previous weekend’s 67.7% where there were 349 listings, 297 auctions and 201 sales totalling $196.9 million. This time last year the rate was 73.1% from 632 listings, 576 auctions and 421 sales totalling $577.7 million.
In the same weekend in 2018 the rate was 45.2% from 554 listings, 391 auctions and 225 sales totalling $271.3 million; in 2017 it was 60.3% from 715 listings, 582 auctions and 396 sales totalling $551.7 million; in 2016 it was 77.3% from 676 listings, 598 auctions and 496 sales totalling $689.9 million; and in 2015 the rate was 67.8% from 1,014 listings, 859 auctions and 647 sales totalling $808.2 million.
Melbourne
With only 10 weeks remaining before Christmas Melbourne continues to languish a fortnight after restrictions on real estate inspections were lifted. Last weekend there were 57 listings, 28 auctions, 16 sales totalling $8.1 million and a 57.1% preliminary clearance rate, according to Domain.
The REIV reported 31 auctions and 23 sales totalling $18.33 million. According to the institute, over 1,800 homes went under the hammer in the three months to September quarter. There were also 157 private sales reported totalled $115 million.
According to Domain, in the previous weekend the rate was 65% from 54 listings, 20 auctions and 13 sales totalling $4.4 million. This time last year the rate was 68.5% from 883 listings, 800 auctions and 548 sales totalling $542 million.
In 2018 the rate was 47.2% from 863 listings, 742 auctions and 372 sales totalling $326.2 million; in 2017 it was 71% from 1,016 listings, 956 auctions and 699 sales totalling $679.2 million; in 2016 it was 75.6% from 990 listings, 938 auctions and 726 sales totalling $733.8 million; and in 2015 it was 72.2% from 1,227 listings, 1,125 auctions and 833 sales totalling $726 million.
Canberra
The nation’s capital continues to perform strongly reporting a 81% clearance rate on the weekend, according to Domain. There were 66 homes listed, of which 58 were auctioned and 47 sold.
Sales totalled $38.971 million and the median sale price was $800,000.
Corelogic reported an 85% rate from 78 listings, 52 auctions and 44 sales. It also recorded 52 private transactions.
Adelaide
The city of churches was another strong performer, reporting a 79% clearance rate. According to Domain, there were 39 listings, 28 auctions and 22 sales totalling $15.247 million and a median price of $777,500.
Across South Australia, Corelogic reported a 76% rate from 81 listings, 35 auctions and 26 sales. It also recorded 262 private sales.
Brisbane
After a poor start to October with a 36% clearance rate, Brisbane’s rates picked up last weekend, rising to 51%. According to Domain, there were 67 listings, 35 auctions were held and 18 homes sold, totalling $9.875 million and a median sale price was $755,000.
Across Queensland clearances also increased to 58% from 169 listings, 66 auctions and 38 sale. There were also 1,046 private sales, according to Corelogic.
Perth
Western Australia reported a 33% clearance rate from 16 listings, three auctions and one sale, according to Corelogic. There were also 551 private transactions.
Hobart
In Tasmania, the clearance rate was 100% from one auction, according to Corelogic. At the same time, 145 homes sold privately.
Darwin
In the Northern Territory, the rate was 50% from five listings, four auctions and two sales. According to Corelogic, there were also 29 private sales.
| Auction highlights this week Saturday, 10 October 2020 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 2/124 Wolseley Rd, Point Piper NSW 2027, 3 br Unit, Sydney Sothebys International Realty | $13,025,000 |
| Melbourne | 7 Tara Av, Blackburn VIC 3130, 2 br House, Biggin & Scott Whitehorse | $1,250,000 |
| Adelaide | 6-8 Jessie Rd, Kensington Park SA 5068, 3 br House, RW Unley | $2,310,000 |
| Brisbane | 7/88 Macquarie St, St Lucia QLD 4067, 3 br Unit, RW Ascot | $2,200,000 |
| Canberra | 6 Broome Cr, Yarralumla ACT 2600, 5 br House, Peter Blackshaw Manuka, Projects | $2,658,000 |
| Most affordable | ||
| Sydney | 3/26a Christian Rd, Punchbowl NSW 2196, 2 br Villa, Richard Matthews RE | $485,000 |
| Melbourne | 10 Euroa St, Epping VIC 3076, 3 br Townhouse, HAR Rata & Co | $463,000 |
| Adelaide | 2 Murray St, Prospect SA 5082, 3 br House, RW Norwood | $528,000 |
| Brisbane | 8 Dellow St, Acacia Ridge QLD 4110, 3 br House, RW Annerley | $445,000 |
| Canberra | 31/3 Waddell Pl, Curtin ACT 2605, 1 br Unit, Hayman Partners, Projects | $215,000 |
