This article is from the Australian Property Journal archive
THE Melbourne residential auction market lifted its game last weekend with over 1,000 properties going under the hammer.
According to the REIV, 1,162 properties were auctioned last weekend, a clearance rate of 77% was recorded with 889 properties selling whilst 273 were passed in.
Over $1 billion worth of homes were sold last weekend, with auctions accounting for $838.72 million and 375 private sales totalled $232.54 million.
The clearance rate has improved on the previous weekend’s 75% from 539 auctions and is just shy of 79% from 1,065 auctions recorded in the same weekend last year.
Sydney recorded a clearance rate of 73.8% last weekend from 672 listings 489 auctions and 385 sales totalling $403.8 million, according to Domain’s Australian Property Monitors.
The result was better than the previous weekend’s 68.6% from 425 listings, 360 auctions and 269 sales totalling $257.9 million.
However, the Sydney market looks weak compared to the same weekend last year’s 79.8% from 1,944 listings, 1,793 auctions and 1,466 sales totalling $1.4 billion.
Domain Group chief economist Andrew Wilson said all eyes will be on the Federal Budget with housing markets sensitive to outcomes in regard to spending initiatives or possible public service job and service cuts, and changes to taxation policy.
“Tuesday’s Budget announcement will coincide with the monthly decision on official interest rates settings from the Reserve Bank. Although likely to remain on hold for the 12th consecutive month, the case is growing for a near-term cut.
“The Reserve Bank may decide on a pre-emptive strike to support a weakening economy before the banks act unilaterally to raise rates and before the distractions of the forthcoming election campaign, which will begin in earnest following the Budget announcement.
“The peak of the home building cycle appears to have passed and the trend for retail sales is falling. The dollar remains too high and concerns regarding overheating housing markets are now clearly fanciful with Sydney house prices falling sharply over the past six months,” Wilson said.
Brisbane had 118 listings, 51 auctions and 27 sales totalling $17.58 million.
Adelaide had 90 listings, 38 auctions and 28 sales totalling $13.50 million.
Canberra had 87 listings, 63 auctions and 40 sales totalling $26.46 million.
| Auction highlights this week, Saturday, 30 April 2016. Source: APM | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 65 Wharf Rd, Gladesville NSW 2111, 6 br House, McGrath Hunters Hill | $7,095,000 |
| Melbourne | 16 Barnsbury Rd, Balwyn VIC 3103, 5 br House, Jellis Craig Boroondara Group, | $6,360,000 |
| Adelaide | 7 The Common, Beaumont SA 5066, 5 br House, HAR Brock Estates Luxury Property | $2,310,000 |
| Brisbane | 71 Ascot St, Ascot QLD 4007, 5 br House, Urban Property Agents | $2,270,000 |
| Canberra | 48 Holmes Cr, Campbell ACT 2612, 4 br House, Luton Properties – Dickson | $1,350,000 |
| Most affordable | ||
| Sydney | 6 Moss Av, Toukley NSW 2263, 2 br House, Professionals 2261 | $345,000 |
| Melbourne | 19/132 Rupert St, West Footscray VIC 3012, 1 br Unit, Jas Stephens Real Estate | $202,000 |
| Adelaide | 53 Oleander Rd, Maslin Beach SA 5170, 2 br House, HAR Wine Coast | $380,000 |
| Brisbane | 12 Charles Av, Logan Central QLD 4114, 3 br House, RW Logan City | $355,000 |
| Canberra | 6/47 Blackall St, Barton ACT 2600, 1 br Unit, Philip Kouvelis Real estate | $430,000 |
Australian Property Journal
