This article is from the Australian Property Journal archive
WITH all things considered, the auction market had a solid finish to 2020 as buyers and sellers who were on the sidelines made a last-minute dash before the holiday season begins.
National
Unlike last year when the market was winding down in the lead up to the holidays, this year almost three times as many properties were on offer in the final auction weekend of 2020.
According to Domain, there were 1,602 homes scheduled for auction across Australia and 1,230 went under the hammer with 926 selling. The clearance rate was 75.3%.
Volumes totalled $709.30 million and the median house and unit sale prices were $967,500 and $650,000.
Although activity is down from the previous weekend where listings surpassed 2,000 with 2,084 homes on offer, of which 1,960 were auctioned and 1,367 sold totalling $1.091 billion and resulting in a 69.7% clearance rate.
But it is significantly higher than the same weekend last year where there were 617 listings, 550 auctions and 328 sales for $291 million, resulting in a 59.6% rate.
AMP Capital chief economist Shane Oliver said the results represent a solid end to the year boosted by record low interest rates along with state and federal government incentives.
Oliver said although there is a pandemic scare over Sydney, it maybe under control by the time market restarts in late January 2021.
Sydney
Despite a spike in COVID-19 cases, Sydney finished the year on a high with a high preliminary clearance rate of 74.9% and $10.55 million prestige property sale.
There were 566 homes listed, 431 auctions and 323 sales. According to Domain, volumes totalled $300.8 million and the median house and unit sale prices were $1,187,500 and $770,000.
A prestige property at 1 Wolseley Rd in South Coogee sold under the hammer for $10.55 million. Offered for the first time in 31 years, the 1940s building was sold by Sothebys International Realty.
Featuring 20m frontage to the ocean with no interruptions, the property is configured as three separate residences on one title. On the upper level, there are two separate residences. On the lower level, there is a newly renovated two-bedroom apartment with living and dining areas flowing onto a spacious entertainer’s deck.
Meanwhile 1,935 properties sold privately.
Oliver expects the final rate will be around 70%, which is higher than the previous weekend’s 72.5% from 872 listings, 808 auctions and 586 sales totalling $552.8 million. This time last year the rate was 66.9% from 163 listings, 148 auctions and 99 sales totalling $109.3 million.
Melbourne
The rush was particularly evident in Melbourne almost two months after strict lockdowns were lifted. Last Saturday a clearance rate of 82% was recorded from 774 auctions and 636 selling, whilst 138 properties passed in, 63 on a vendor bid, according to the REIV.
Auction volumes totalled $630 million and there were also 281 private sales totalling $218 million.
The rate was 80% from 955 auctions in the previous weekend and 73% from 339 auctions last year.
Domain reported a preliminary rate of 75.7%. Of the 864 homes listed, 675 went under the hammer and 511 sold for $359.9 million. The median house and unit sale prices were $944,500 and $620,000.
Oliver expects the final clearance rate will be around 71%, which is higher than the previous weekend’s 67.7% where there were 981 listings, 932 auctions and 631 sales totalling $456.1 million.
In the same weekend last year, the rate 61.7% from 363 listings, 324 auctions and 200 sales totalling $165.3 million.
Canberra
The nation’s capital finished the year strongly after a stellar run during COVID-19. According to Domain, a clearance rate of 85% was reported from 46 listings, 39 auctions and 33 sales.
Volumes totalled $23.62 million and the median sale price was $757,250.
Corelogic reported a 90% rate from 83 listings, 50 auctions and 45 sales, as well as 80 private transactions.
Brisbane
Brisbane finished with a solid 61% clearance rate, according to Domain. From the 58 properties listed, 33 were auctioned and 20 sold, totalling $4.31 million.
Across Queensland the rate was 55% from 242 listings, 78 auctions and 42 sales. At the same time, 1,597 homes sold privately.
Adelaide
Adelaide also finished strongly with a 75% rate. Domain reported 68 listings, 52 auctions and 39 sales totalling $20.61 million. The median sale price was $665,000.
Across South Australia the rate was 74% from 132 listings, 58 auctions and 43 sales, according to Corelogic. There were also 424 private sales.
Perth
Western Australia reported 24 listings, six auctions and three sales, resulting in a 50% clearance rate, according to Corelogic. At the same time, 625 properties sold privately.
Hobart
Tasmania had a 100% clearance rate from one auction result, whilst 239 homes sold privately, according to Corelogic.
Darwin
The Northern Territory did not report any auctions on the weekend but there were 26 private sales, according to Corelogic.
| Auction highlights this week Saturday, 19 December 2020 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 1 Wolseley Rd, South Coogee NSW 2034, 4 br House, Sydney Sothebys International Realty | $10,550,000 |
| Melbourne | 76 Leopold St, South Yarra VIC 3141, 3 br House, Marshall White Stonnington | $3,250,000 |
| Adelaide | 21 Barr-Smith St, Tusmore SA 5065, 3 br House, HAR Pilgrim | $1,215,000 |
| Brisbane | 21 Marshall Av, Seven Hills QLD 4170, 4 br House, Place Estate Agents Ascot | $1,212,000 |
| Canberra | 3 Shout Pl, Pearce ACT 2607, 4 br House, Independent Woden | $1,480,000 |
| Most affordable | ||
| Sydney | 4/88-92 Hughes St, Cabramatta NSW 2166, 2 br Unit, Ray White – Canley Heig | $372,000 |
| Melbourne | 10/359 Balaclava Rd, Caulfield North VIC 3161, 1 br Unit, Biggin & Scott Stonnington | $280,000 |
| Adelaide | 40 Blencowe St, Elizabeth Grove SA 5112, 3 br Terrace, HAR – Playford | $165,000 |
| Brisbane | 3 Carnival St, Loganlea QLD 4131, 2 br House, Professionals Lifestyle | $383,000 |
| Canberra | 4/4 Verdon St, O’Connor ACT 2602, 1 br Unit, Independent Inner North & City | $411,900 |
