This article is from the Australian Property Journal archive
IT was back to business for the Melbourne residential property auction market last weekend following the Melbourne Cup.
Melbourne recorded a strong clearance rate of 79% from 721 auctions. According to the REIV, 568 homes sold and 153 were passed in, of which 68 were on a vendor’s bid. The total value of properties sold was $463.21 million.
According to the REIV, the 2016 clearance rate has reached 75%, due to high levels of auction sales in the last two months.
The result is up from 67.6% in the same weekend last year from 1,115 auctions.
Melbourne also recorded 286 private sales totalling $190.61 million.
Domain chief economist Andrew Wilson said the Melbourne market resumed at full gallop on the weekend, following the previous weekend’s pause in activity for the Melbourne Cup holiday break.
Although he noted it was well below the auction over the same weekend last year.
“Average weekend auction numbers however continue to fall – down from 800 over September to 706 over October and well below the 862 average of October last year. So far this year 28,452 auctions have been conducted in Melbourne, which is 10.9% fewer than the number listed over the same period last year,” Wilson said.
Despite the lower listing, Wilson said the Melbourne auction market continued to perform strongly over the month of October with overall clearance rates rising from September’s 75.8% to 76.3%. This was also well ahead of the 69% reported over October last year.
According to Domain, Melbourne recorded a median auction price of $735,000 on Saturday, which was lower than the $816,000 reported the previous weekend and 3.1% lower than the $758,750 recorded over the same weekend last year.
The median auction price increased over the month from $815,000 to $858,000 and is now 7.3% higher than the $800,000 recorded over the same month last year.
Sydney also recorded a stronger clearance rate of 77% from 831 listings, 595 auctions and 500 sales totalling $558.6 million, according to Domain.
However the clearance rate was down from the previous weekend’s 81.4% from 794 listings, 683 auctions and 563 sales totalling $582.6 million.
And in the same weekend last year, the clearance rate was 53.7% from 1,009 listings, 800 auctions and 508 sales totalling $679.2 million.
“The Sydney home auction market weakened on Saturday, reporting its lowest result for six weeks on the second-highest day of auction listings for the year so far.
“Higher listing numbers may have contributed to an easing in the clearance rate, with the local market hosting 831 auctions. This was higher than the 792 listed the previous weekend and the highest Saturday offering since the pre-Easter Super Saturday earlier this year,” Wilson said.
“The weekend’s auction numbers remained well below the 1015 conducted over the same Saturday last year, but higher auction numbers will continue to test the Sydney market, with well over 700 again expected next weekend.
“The Sydney auction market continued to perform strongly over the month of October with overall clearance rates rising from September’s 75.4% to 77.4%. This was also well ahead of the 61% reported over October last year,” he added.
According to Domain, average weekend auction numbers increased from 589 over September to 594 over October, but are well below the 810 average of October last year. So far this year 23,619 auctions have been conducted in Sydney, which is 25.8% fewer than the number listed over the same period last year.
Sydney recorded a median auction price of $1,337,000 on Saturday, which was higher than the $1.3 million recorded the previous weekend. Saturday’s median was 9.1% higher than the $1,225,000 recorded over the same weekend last year.
“The median auction price, however, decreased over the month from $1.28 million to $1.26 million, but is now 9.1% higher than the $1,155,000 recorded over the same month last year,” Wilson said.
Meanwhile Canberra recorded a clearance rate of 64% from 79 listings, 70 auctions and 46 sales totalling $36.85 million. The median price achieved was $810,000.
Brisbane reported 151 listings, 78 auctions and 46 sales totalling $29.63 million and a clearance rate of 53%. The median price of properties sold was $825,000.
Adelaide had 98 listing, 39 auctions and 27 sales, representing a clearance rate of 66%. Sales totalled $15.34 million and the median price was $655,000.
| Auction highlights this week Saturday, 5 November 2016 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 22 Grosvenor Cr, Cronulla NSW 2230, 5 br House, Greg Gilbert Real Estate | $5,250,000 |
| Melbourne | 13 Esplanade, Seaholme VIC 3018, 4 br House, RT Edgar Williamstown | $2,888,000 |
| Adelaide | 21 Bonython Cl, Adelaide SA 5000, 3 br Townhouse, Ouwens Casserly | $1,500,000 |
| Brisbane | 82 Buena Vista Av, Coorparoo QLD 4151, 5 br House, Place Coorparoo | $1,950,000 |
| Canberra | 15 Waygoose St, Kingston ACT 2604, 3 br House, Peter Blackshaw Real Estate Woden & Weston Creek Projec | $1,810,000 |
| Most affordable | ||
| Sydney | 9/4-6 Allen St, Harris Park NSW 2150, 2 br Unit, AB Property Consultants | $490,000 |
| Melbourne | 9/5 Shirley Gr, St Kilda East VIC 3183, 1 br Unit, Pavilion Property | $265,000 |
| Adelaide | 15 Anita Av, Gilles Plains SA 5086, 3 br House, LJH Walkerville | Modbury | $390,000 |
| Brisbane | 63 Donald St, Woody Point QLD 4019, 2 br House, RW Redcliffe | $385,000 |
| Canberra | 6/20 Clare Burton Cr, Franklin ACT 2913, 3 br Townhouse, LJH Belconnen | $447,000 |
Australian Property Journal
