This article is from the Australian Property Journal archive
THE winter season residential auction market has kicked off with a hot result in Sydney, recording a high clearance rate of 80.1%.
According to Domain’s Australian Property Monitors, Sydney entered the winter season last weekend with 548 listings, 377 auctions and 326 home sales totalling $319.9 million.
Domain chief economist Andrew Wilson said whilst there has been a recent surge in buyer activity in Sydney, the number of listings was lower.
The clearance rate is significantly higher than the previous weekend’s 68.3%. Although the volume of properties were higher, with 601 listings, 482 auctions and 364 sales totalling $385.4 million.
Compared to the same weekend last year, the clearance rate was 82.8% from 395 listings, 361 auctions and 312 sales totalling $339 million. Although this time last year, it was the Queen’s Birthday long weekend.
“The winter market will begin in earnest after the Queen’s Birthday holiday break next week with typically lower auction listings and clearance rates. Auction activity in higher-priced suburbs usually hibernates through winter awaiting the revival of the stronger spring market.
“All-in-all, most buyers and sellers can be content with the predictable resilience of the Sydney market over autumn,” he added.
The Melbourne market started the winter season in solid perform with a stronger clearance rate of 76%, due to fewer properties going under the hammer
According to the REIV, there were 747 auctions reported last weekend with 565 properties selling and 182 were passed in. The total value of auction sales was $522.95 million.
At the same time, there were 361 private sales totalling $222.85 million.
The clearance rate was higher than the previous weekend’s 73%, which had a higher volume (1047 auctions). In the same weekend last year, the clearance rate was 72% from 278 auctions.
In Brisbane, APM recorded 111 listings, 55 auctions and 33 sales totalling $18.33 million.
Adelaide had 70 listings, 27 auctions and 22 sales totalling $11.07 million.
| Auction highlights this week – Saturday, 4 June 2016 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 20 Llandilo Av, Strathfield NSW 2135, 5 br House, Strathfield Partners Projects | $5,700,000 |
| Melbourne | 36-38 Hotham St, East Melbourne VIC 3002, 4 br House, Caine RE | $5,100,000 |
| Adelaide | 72 Waratah St, Seacliff SA 5049, 4 br House, Gary J Smith RE Glenelg | $915,000 |
| Brisbane | 151 Kennedy Tce, Paddington QLD 4064, 5 br House, SPACE Property Agents Indooroopilly | $1,750,000 |
| Canberra | 70 Temperley St, Nicholls ACT 2913, 5 br House, McGrath Dickson | $1,200,000 |
| Most affordable | ||
| Sydney | 20/45-47 Bartley St, Canley Vale NSW 2166, 2 br Unit, L&S Cabramatta | $348,000 |
| Melbourne | 10/2-4 Elizabeth St, Braybrook VIC 3019, 1 br Unit, Pagan Real Estate | $240,000 |
| Adelaide | 85 Eastern Pde, Ottoway SA 5013, 3 br House, HAR Aqua | $320,000 |
| Brisbane | 13 Oregon St, Marsden QLD 4132, 3 br House, RW Logan City | $340,000 |
| Canberra | 23 Kambalda Cr, Fisher ACT 2611, 3 br House, McGrath Dickson | $425,000 |
Australian Property Journal
