Residential property auction market wrap

AUCTION clearance rates continue to be steady with only two weekends remaining before the holiday season.

National

A preliminary clearance rate of 74.2% was recorded last weekend across Australia, according to Domain. Of the 1,710 homes listed, 1,312 went under the hammer and 974 sold for $804.1 million. The median house and unit sale prices were $1,170,000 and $704,000.

In the previous weekend clearances were 68.8% from 1,742 listings, 1,634 auctions, 1,124 sales for $943.6 million. This time last year the rate was 68.7% from 2,503 listings, 2,243 auctions and 1,541 sales totalling $1.75 billion.

In the previous years, the results were:

• 2018 – 39.5%, 2,033 listings, 1,680 auctions, 784 sales totalling $761.1 million.
• 2017 – 56.1%, 2,569 listings, 2,272 auctions, 1,395 sales totalling $1.48 billion.
• 2016 – 70.6%, 2,592 listings, 2,324 auctions, 1,735 sales totalling $1.87 billion.
• 2015 – 58.9%, 2,462 listings, 2,162 auctions, 1,362 sales totalling $1.29 billion.

Sydney

Sydney posted a 78.8% clearance rate on the weekend, according to Domain. There were 781 homes listed, 604 were auctioned and 476 sold. Volumes totalled $460.2 million and the median house and unit sale prices were $1,438,000 and $893,000. Corelogic also reported 1,742 private sales.

AMP Capital chief economist Shane Oliver expects the final clearance rate will be around 74%, which is higher than the previous weekend’s 72.4% from 782 listings, 729 auctions, 528 sales totalling $514.8 million.

In the same weekend last year, the rate was 72.9% from 863 listings, 748 auctions, 545 sales totalling $750 million.

In the same weekend in previous years, the results were:

• 2018 – 39.6%, 717 listings, 504 auctions, 275 sales totalling $344.1 million.
• 2017 – 49.4%, 776 listings, 610 auctions, 366 sales totalling $500.8 million.
• 2016 – 71%, 898 listings, 754 auctions, 602 sales totalling $815.1 million.
• 2015 – 54%, 727 listings, 597 auctions, 371 sales totalling $441.8 million.

Melbourne

The REIV reported a clearance rate of 80%. There were 588 auctions and 473 sales whilst 115 homes passed in, 34 on a vendor bid.

Auction volumes totalled $495 million and at the same time 255 homes sold privately, totalling $219 million.

In the previous weekend the rate was 78% from 698 auctions and last year it was 76% from 1,213 auctions.

Domain reported a 70% preliminary rate from 727 listings, 571 auctions and 402 sales. Volumes totalled $287.6 million and the median house and unit sale prices was $995,000 and $625,000.

Oliver expects the final rate will be 65% which is like the previous weekend’s 66.3% from 737 listings, 697 auctions and 462 sales totalling $345 million. This time last year the rate was 69% from 1,381 listings, 1,244 auctions and 858 sales totalling $889.7 million.

The result in previous years were:

• 2018 – 40.5%, 1,029 listings, 929 auctions, 410 sales for $347.5 million.
• 2017 – 60.7%, 1,487 listings, 1,391 auctions, 886 sales totalling $870 million.
• 2016 – 76.1%, 1,354 listings, 1,278 auctions, 991 sales totalling $944.7 million.
• 2015 – 63.7%, 1,391 listings, 1,293 auctions, 851 sales totalling $752.3 million.

Canberra

Activity eased in Canberra on the weekend with clearance rates falling to 72%, according to Domain. Of the 72 homes listed, 61 went under the hammer and 44 sold totalling $27.94 million. The median sale price was $763,500.

Corelogic reported a 77% rate from 81 listings, 52 auctions and 40 sales. It also recorded 88 private transactions.

Brisbane

Brisbane had another solid weekend with strong clearance rates of 66%, according to Domain. There were 61 listings, 35 auctions and 23 sales totalling $14.47 million. The median sale price was $1,120,000.

Across Queensland the rate was 63% from 207 listings, 76 auctions and 48 sales, according to Corelogic. There were also 1,410 private sales.

Adelaide

Adelaide also experienced a strong weekend. A 71% clearance rate was recorded from 69 listings, 41 auctions and 29 sales, according to Domain. Volumes totalled $13.86 million and the median sale price was $830,000.

Across South Australia, the rate was 61% from 100 listings, 49 auctions and 30 sales, according to Corelogic, whilst 381 homes sold privately.

Perth

Western Australia recorded a 100% clearance rate, according to Corelogic. Of the 20 homes listed, five auctions were held and they all sold under the hammer. At the same time, 663 properties sold privately.

Hobart

In Tasmania, the rate was 50%. There were two auctions held and one property sold. Meanwhile 234 homes sold privately, according to Corelogic.

Darwin

In the Northern Territory, the rate was 100%. There were eight listings, two auctions and both properties sold. Meanwhile 27 properties sold privately, according to Corelogic.

Auction highlights this week Saturday, 5 December 2020 (Source: Domain)
City	Location	Value Sold
Most expensive
Sydney	35 Ryries Pde, Cremorne NSW 2090, 5 br House, Di Jones Lower North Shore Chatswood	$6,195,000
Melbourne	12 Villiers St, Elsternwick VIC 3185, 4 br House, Biggin & Scott Elsternwk	$4,100,000
Adelaide	91 Cheltenham St, Malvern SA 5061, 4 br House, Klemich Real Estate – RLA174424	$1,440,000
Brisbane	16 Glen Noble Av, Redbank Plains QLD 4301, 3 br House, RW Augustine Heights	$1,850,000
Canberra	38 Stonehaven Cr, Deakin ACT 2600, 3 br House, Peter Blackshaw Manuka, Projects	$1,925,000
Most affordable
Sydney	9/21-23 Dartbrook Rd, Auburn NSW 2144, 2 br Unit, Richard Matthews RE	$341,000
Melbourne	13/51 Buckley St, Moonee Ponds VIC 3039, 1 br Unit, McGrath Coburg / Brunswick	$320,000
Adelaide	1 Power Ct, Para Vista SA 5093, 3 br House, HAR Sergeant Property	$351,000
Brisbane	1410/10 Trinity St, Fortitude Valley QLD 4006, 2 br Unit, Plum Property	$400,000
Canberra	50 Enright Cr, Florey ACT 2615, 2 br House, Hayman Partners, Projects	$380,000