This article is from the Australian Property Journal archive
THE mid-winter residential property auction market was unseasonal hot on the weekend.
Melbourne produced a strong clearance rate of 79% last weekend from 516 auctions and 408 homes sold totalling $315.85 million. According to the REIV, 108 properties were passed in.
The clearance rate is up the previous weekend’s 75% from 548 listings, but down from 81% and 703 auctions in the same weekend last year.
There were also 275 private sales last weekend totalling $161.25 million.
Domain Group’s chief economist Andrew Wilson said it was a remarkable boom-time result on Saturday for Melbourne, with no sign of the usual mid-winter slowdown.
“On the contrary, the local market has risen strongly since the Queen’s Birthday weekend a month ago, when results were the lowest for the year,” he said.
The weekend’s result was also the highest rate recorded since June 20 last year, at the height of the then boom-time market conditions.
Melbourne recorded a median auction price of $750,000 on Saturday, compared to the $650,000 reported last weekend and 4% higher than the $726,250 recorded over the same weekend last year.
Sydney also recorded a strong result with a clearance rate of 75.5% from 371 listings, 253 auctions and 206 sales totalling $204.6 million, according to Domain’s Australian Property Monitors.
In comparison to the previous weekend, the clearance rate was 71.9% from 422 listings, 355 auctions and 282 sales totalling $247.5 million.
In the same weekend last year, the clearance rate was 78.4% from 636 listings, 575 auctions and 476 sales totalling $535.2 million.
Wilson said the Sydney market produced another strong result due to lower winter listings.
“Although current auction numbers are low compared to the same time last year, the level of seller activity is nonetheless more typical of mid-winter, remembering record levels of listings were flooding an unprecedented Sydney auction market boom last year,” he said.
Sydney recorded a median auction price of $1,185,500 on Saturday, which was higher than the $1,045,500 recorded last weekend. Saturday’s median was 7.8% higher than the $1.1 million recorded over the same weekend last year. A total of $204.6 million was reported sold at auction in Sydney at the weekend, according to APM.
Meanwhile Canberra had 26 listings, 25 auctions and 16 sales reported totalling $12.4 million. The median house price was $776,000.
Brisbane had 83 listings, 48 auctions and 25 sales reported totalling $17.34 million, and a median price of $830,000.
Adelaide reported 43 listings, 15 auctions and eight sales totalling $5.17 million.
| Auction highlights this week Saturday, 16 July 2016 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 35 Rickard Rd, Strathfield NSW 2135, 5 br House, McGrath Concord | $3,760,000 |
| Melbourne | 596 High Street Rd, Glen Waverley VIC 3150, 8 br House, Buxton Mount Waverley | $2,700,000 |
| Adelaide | 18 Hewitt Av, Rose Park SA 5067, 4 br House, Klemich Real Estate – RLA174424 | $1,325,000 |
| Brisbane | 30 Lexton St, Stretton QLD 4116, 6 br House, LJH Sunnybank Hills | $2,510,000 |
| Canberra | 2 Pellew St, Nicholls ACT 2913, 5 br House, Luton Properties – Manuka | $1,520,000 |
| Most affordable | ||
| Sydney | 13/4 Bank St, Meadowbank NSW 2114, 1 br Unit, Tracy Yap Realty | $316,000 |
| Melbourne | 1/17 Caroline St, Thomastown VIC 3074, 2 br Unit, Harcourts | $235,000 |
| Adelaide | 285 Montague Rd, Para Vista SA 5093, 3 br House, Professionals Salisbury | $250,000 |
| Brisbane | 14 Chatswood Rd, Springwood QLD 4127, 3 br House, Elders RE Shailer Park | $375,000 |
| Canberra | 20 Fellows St, Latham ACT 2615, 3 br House, Luton Properties – Belconnen | $467,000 |
Australian Property Journal
