This article is from the Australian Property Journal archive
PUNDITS could be mistaken for thinking it was the spring season for the residential property auction market with boom time clearance rates recorded in the major capital cities.
Sydney recorded a boom time clearance rate of 82.8% from 464 listings, 339 auctions and 294 sales totalling $290.9 million, according to Domain’s Australian Property Monitors.
The result is an improvement when compared to the last weekend’s 72.4% from 396 listings, 335 auctions and 265 sales totalling $276 million.
The clearance rate was also higher than the 77% recorded in the same weekend last year, although that market had 727 listings, 645 auctions and 532 sales totalling $641.6 million – more than twice the value recorded last weekend.
Domain chief economist Andrew Wilson said last weekend’s clearance rate is the highest in over a year.
“Relatively low auction numbers continue to contribute to high clearance rates, with strong competition among buyers for available properties. Although the 471 auctions listed on Saturday were higher than the previous weekend’s 394, numbers remained well below the 727 auctioned on the same weekend last year.
“Low auction numbers remain a challenge for property hungry Sydney buyers and are supporting higher clearance rates and driving fierce competition in most areas,” he added.
Sydney recorded a median auction price of $1,020,500, which was below the $1,191,000 recorded in the previous weekend, and 5.5% lower than the $1,080,500 recorded on the same weekend last year.
The Melbourne market also recorded a high clearance rate of 81% last weekend, according to the REIV. There were 486 auctions reported of which 392 homes sold totalling $361.41 million.
Again the low number of listings contributed to the high clearance rates, compared to 76% from 653 auctions recorded last weekend and 76% from 841 auctions in the same weekend last year.
However REIV CEO Geoff White said auctions are on the rise, with the first major auction weekend since June due in a fortnight – when more than 900 homes are set to go under the hammer, on 27/28 August.
APM’s Andrew Wilson said the Melbourne home auction market continues to strengthen with escalating boom-time results, reflecting sky-high confidence after the recent interest rate cut and a surge by investors.
According to APM, Melbourne recorded a median auction price of $754,000 on Saturday, which was lower than the $777,500 reported last weekend and 5.8% lower than the $800,000 recorded over the same weekend last year.
Meanwhile Adelaide recorded 45 listings, 31 auctions and 22 sales totalling $11.86 million.
Brisbane had 77 listings, 41 auctions and 20 sales totalling $12.97 million.
Canberra had 45 listings, 40 auctions and 21 sales totalling $13.60 million.
| Auction highlights this week Saturday, 13 August 2016 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 35 Bonnefin Rd, Hunters Hill NSW 2110, 4 br House, BresicWhitney Hunters Hll | $5,150,000 |
| Melbourne | 15 Barry St, Kew VIC 3101, 6 br House, Jellis Craig Fitzroy | $6,500,000 |
| Adelaide | 56 Osmond Tce, Norwood SA 5067, 4 br House, Professionals (RLA 118816) – Glynde | $1,700,000 |
| Brisbane | 44 Princess St, Bulimba QLD 4171, 1 br House, RW Bulimba | $1,750,000 |
| Canberra | 14 Carmichael St, Deakin ACT 2600, 5 br House, Luton Properties – Manuka | $1,200,000 |
| Most affordable | ||
| Sydney | 5/6 Warialda St, Kogarah NSW 2217, 1 br Unit, McGrath Brighton-Le-Sands | $400,000 |
| Melbourne | 2/21 Grice Cr, Essendon VIC 3040, 1 br Unit, Brad Teal Essendon | $253,000 |
| Adelaide | 5/12 Braeside Av, Holden Hill SA 5088, 2 br Unit, C21 First Choice North East | $180,000 |
| Brisbane | 20 Chatfield St, Edens Landing QLD 4207, 3 br House, R&H Commercial Beenleigh | $325,000 |
| Canberra | 3 Leason Cl, Dunlop ACT 2615, 3 br House, LJH Belconnen | $417,500 |
Property Review Australia
