This article is from the Australian Property Journal archive
AUCTION clearance rates across Australia continued to rise on the weekend, led by Canberra with clearances of 91%.
National
There were 1,413 homes scheduled for auction last weekend and 1,029 went under the hammer with 779 selling, resulting in a preliminary clearance rate of 75.7%, according to Domain. Volumes totalled $645 million and the median house and unit sale prices were $1,190,000 and $830,000.
The results are inline with the previous weekend where there were 1,447 listings, 1,228 auctions and 866 sales, representing a 70.5% clearance rate and volumes totalled $744.8 million.
Last weekend’s clearance rates were higher than the same time last year, but listings and volumes were lower. Of the 2,199 homes listed, 2,026 auctions and 1,760 sales were reported resulting in a 66.8% clearance rate and volumes of $1.632 billion.
The results from the same weekend in previous years:
- 2018 – 40.9%, 2,112 listings, 1,760 auctions, 830 sales totalling $915.2 million.
- 2017 – 59.8%, 2,514 listings, 2,214 auctions, 1,446 sales totalling $1.60 billion.
- 2016 – 72.1%, 2,136 listings, 1,938 auctions, 1,458 sales totalling $1.61 billion.
- 2015 – 58.6%, 2,437 listings, 2,093 auctions, 1,323 sales totalling $1.30 billion.
Sydney
Sydney’s market remains steady with listings at pre-COVID levels. According to Domain, there were 760 listings, 567 auctions and 440 sales resulting in a 77.6% preliminary clearance rate.
Volumes totalled $398.7 million and the median house and unit sale prices were $1,466,000 and $955,000.
There were 1,663 private sales, according to Corelogic.
AMP Capital chief economist Shane Oliver expects the final clearance rate will be around 74%, which is similar to the previous weekend’s 73.4% from 780 listings, 672 auctions and 493 sales totalling $462.1 million.
This time in 2019 the rate was 70.3% from 776 listings, 710 auctions and 499 sales totalling $772.7 million. In same weekend in other years the results were:
- 2018 – 41.1%, 706 listings, 467 auctions, 264 sales totalling $400 million.
- 2017 – 53.3%, 815 listings, 619 auctions, 402 sales totalling $543.5 million.
- 2016 – 73.3%, 760 listings, 680 auctions, 534 sales totalling $735.8 million.
- 2015 – 53.2%, 874 listings, 684 auctions, 426 sales totalling $516.4 million.
Melbourne
The market continues to rebound but remains below pre-COVID levels. The REIV reported a high clearance rate of 82% from 379 auctions and 312 sales, whilst 67 homes passed in, 21 on a vendor bid.
The previous weekend’s rate was 83% from 476 auctions and last year it was 74% from 1,116 auctions.
Auction volumes totalled $299 million and there were also 206 private sales totalling $186 million.
Domain reported a 71.5% rate from 494 listings, 362 auctions and 259 sales. Volumes totalled $183.4 million and the median house and unit sale prices were $970,000 and $565,000.
Oliver expects the final rate will be around 69% which is on par with the previous weekend’s 67.5% where there were 484 listings, 400 auctions and 270 sales totalling $212.4 million.
This time last year Melbourne reported 1,175 listings, 1,078 auctions and 737 sales totalling $764.4 million and a 68.4% clearance rate.
In prior years, the results were:
- 2018 – 39.3%, 1,131 listings, 1,042 auctions and 438 sales totalling $414.9 million.
- 2017 – 65%, 1,369 listings, 1,304 auctions, 878 sales totalling $926.6 million.
- 2016 – 76.4%, 1,060 listings, 990 auctions, 767 sales totalling $770 million.
- 2015 – 63.4%, 1,225 listings, 1,129 auctions, 736 sales totalling $664.8 million.
Canberra
Canberra outperformed with clearances of 91% on the weekend, according to Domain. Of the 60 homes listed, 46 went under the hammer and 42 sold.
Sales totalled $39.266 million and the median sale price was $972,500.
Corelogic reported a rate of 88% from 88 listings 59 auctions and 52 sales across the ACT. It also recorded 80 private sales.
Brisbane
Brisbane recorded a 54% rate on the weekend, according to Domain. There were 49 listings, 26 auctions and 14 sales totalling $9.92 million.
Across Queensland the rate was also 54% from 195 listings, 80 auctions and 34 sales, according to Corelogic. There were 1,183 private sales.
Adelaide
The second-best performing city was Adelaide with a strong 86% rate, according to Domain. Of the 50 homes listed, 28 were auctioned resulting in 24 sales.
Volumes totalled $13.68 million and the median sale price was $790,000.
Corelogic reported an 87% clearance rate for South Australia from 73 listings, 30 auctions and 26 sales. There were also 315 private transactions.
Perth
Western Australia recorded an 8% clearance rate, according to Corelogic. There were 33 listings and 12 auctions held but only one property sold whilst 11 passed in.
On the other hand, the private sales market was more active with 593 transactions.
Hobart
There were also auctions reported in Tasmania on the weekend, however 182 properties sold privately, according to Corelogic.
Darwin
In the Northern Territory, there were two auctions and both properties sold resulting in a 100% clearance rate. Corelogic also reported 38 private sales.
| Auction highlights this week Saturday, 14 November 2020 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 11 Amaroo Cr, Mosman NSW 2088, 5 br House, Belle Property Mosman | $5,700,000 |
| Melbourne | 75 Coppin St, Malvern East VIC 3145, 5 br House, Kay & Burton Armadale | $5,000,000 |
| Adelaide | 6 Cranwell St, Glenside SA 5065, 3 br House, HAR Pilgrim | $1,401,000 |
| Brisbane | 6 Ormond St, Ascot QLD 4007, 5 br House, Elever Property Group | $3,300,000 |
| Canberra | 11 Barkly Cr, Forrest ACT 2603, 3 br House, Peter Blackshaw Manuka, Projects | $2,508,000 |
| Most affordable | ||
| Sydney | 15/28 De Witt St, Bankstown NSW 2200, 2 br Unit, L.H. Brown & Co Bankstown | $461,000 |
| Melbourne | Bathing Box 10 Frankston Fshr, Frankston VIC 3199, 1 br House, Ray White Frankston | $165,000 |
| Adelaide | 8 Pemberton St, Oaklands Park SA 5046, 3 br House, Harris Real Estate – Copper Coast R | $395,000 |
| Brisbane | 110 Plucks Rd, Arana Hills QLD 4054, 3 br House, HAR Chermside | $440,000 |
| Canberra | 10/12 Albermarle Pl, Phillip ACT 2606, 1 br Unit, Peter Blackshaw Manuka, Projects | $298,000 |
