This article is from the Australian Property Journal archive
THE residential property auction in Sydney and Melbourne recorded an improved clearance rate on the Anzac Day long weekend.
In Sydney, where the market was showing signs of slowing in the past few weeks, last weekend delivered a stronger clearance rate of 71.2% from 426 listings and 297 auctions recorded, according to Domain’s Australian Property Monitors. There were 232 sales totalling $241.8 million.
The result is a marked improvement from the previous weekend’s 67.7% from 360 listings, 280 auctions and 205 sales totalling $206.3 million. The 67.7% is the lowest rate recorded so far this year.
Domain chief economist Andrew Wilson said despite the improvement, Sydney’s average weekend auction clearance rate since Easter of 70.7% remains well below last year’s pre-Easter average of 75.1%.
“Although Sydney auction clearance rates rebounded at the weekend, results have clearly weakened since Easter. Rates for outer suburbs to the west however have recently indicated some improvement after a lengthy period of subdued buyer activity.
“Next weekend will provided a more robust test for the local market with a about 700 homes set to go under the hammer – the second highest weekend offering for the year so far,” Wilson said.
In Melbourne, a lower number of auctions help boost the clearance rate to 77% from 472 auction and 365 sales recorded totalling $276.88 million, according to the REIV.
The results are up from the previous weekend’s 73%, although there were 852 auctions.
Last weekend also recorded 420 private sales totalling $253.54 million.
Wilson said the Melbourne clearance rates have continued to track over a narrow range this year with a weekend high of 77.9%, a low of 73.4% and an overall 12 weekend average of 75.4%.
“Melbourne’s weekend home auction market continues to report remarkably consistent results in what clearly remains a seller’s market. Reflecting healthy clearance rates, auction listings are now rising and vendors are encouraged to secure a late autumn sale.
“Next weekend, Melbourne hosts a Super Saturday of April auctions of more than 1200 homes, which is set to break the record for the month,” Wilson said.
Meanwhile Adelaide had 62 listings, 30 auctions and 20 sales totalling $12.36 million, according to APM. Canberra had 39 listings, 32 auctions and 24 sales totalling $15.90 million.
Brisbane had 73 listings, 39 auctions and 14 sales totalling $8.773 million.
| Auction highlights this week Saturday, 23 April 2016, Source: APM | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 88 Private Rd, Queens Park NSW 2022, 4 br House, McGrath – Eastern Suburbs | $4,490,000 |
| Melbourne | 6 Leighton Ct, Toorak VIC 3142, 3 br House, Melbourne Residential Real Estate | $4,200,000 |
| Adelaide | 35 Barker Rd, Prospect SA 5082, 4 br House, Refined Real Estate | $1,435,000 |
| Brisbane | 23 Doncaster St, Hendra QLD 4011, 5 br House, RW Ascot | $2,040,000 |
| Canberra | 10 Pedder St, O’Connor ACT 2602, 4 br House, ELD Belconnen | $1,670,000 |
| Most affordable | ||
| Sydney | 56/53-55 Cook Rd, Centennial Park NSW 2021, 0 br Studio, RW Paddington | $372,525 |
| Melbourne | 1/7 Eldorado Cr, Meadow Heights VIC 3048, 3 br Unit, Raine & Horne Glenroy | $221,000 |
| Adelaide | 23 Central Av, Enfield SA 5085, 3 br House, Marshall & Marshall | $365,000 |
| Brisbane | 95 Clipper St, Inala QLD 4077, 3 br House, LJH Forest Lake | $290,500 |
| Canberra | 10/174 Ellerston Av, Isabella Plains ACT 2905, 3 br Townhouse, Peter Blackshaw Real Estate Tuggera | $367,500 |
Australian Property Journal
