This article is from the Australian Property Journal archive
AFTER a sluggish return in the previous weekend following the Easter holidays, the residential property market is getting back to business.
Sydney and Melbourne recorded high clearance rates last weekend and over a $1 billion in sales.
Sydney
After posting a weak clearance rate of 73.6% in the previous weekend, the Sydney market roared back last weekend with a clearance rate of 80.3%, according to Domain’s Australian Property Monitors.
There were 653 listings, 453 auctions and 388 sales reported totalling $441.2 million, up from 504 listings, 409 auctions and 334 sales totalling $333 million in the previous weekend.
In the same weekend last year, the clearance rate was 69.8% from 679 listings, 595 auctions and 447 sales totalling $588.2 million.
APM chief economist Andrew Wilson said the Sydney home auction market slipped sharply backwards last Saturday following the previous weekends Easter holiday break in activity and the clearance rate of 73.6% was the lowest result since the season commenced in February.
Last weekend’s median house and unit auction sales price was $1.35 million and $890,000 respectively, compared to $1.3 million and $877,000 in the previous weekend and $1.403 million and $829,500 in the same weekend last year.
Melbourne
Melbourne also had a strong showing last weekend with a clearance rate of 82% from 901 auctions and 743 sales recorded, according to the REIV. There were 158 properties that were passed in, of which 56 were on a vendor’s bid.
The total value of auction sales was $623.8 million, the median unit price was $650,000, vacant land was $707,000 and house was $859,000.
The clearance rate is an improvement from the previous weekend’s 76% from 719 auctions and 76% from 1311 auctions in the same weekend last year.
At the same time, there were 264 private sales totalling $176.63 million.
According to the REIV, Melbourne is set to break another record with the highest number of auction sales ever for the month of April.
Adelaide
Adelaide also performed strongly, notching up a clearance rate of 83% with 63 listings. According to APM, there 17 auctions and 15 sales reported, totalling $7.925 million. The median sale price was $730,000.
Across South Australia, the clearance rate was 65%. There were 86 listings across the state, and 54 auction results were reported – 24 properties sold under the hammer and 11 sold prior.
Canberra
The nation’s capital recorded 58 listings and 54 properties reportedly went under the hammer with 35 selling, resulting in a clearance rate of 64%, according to APM.
The total value of auction sales was $26.03 million and the median price recorded was $727,000.
Brisbane
The Brisbane market had 85 listings with 45 auctions and 28 sales recorded, representing a clearance rate of 53%.
The total value of auction sales was $14.53 million and the median price was $750,000.
Across Queensland, there were 364 listings and 213 auctions were reported, of which a clearance of 43% was recorded.
Perth
It was a relatively quiet weekend for Perth with 39 listings and 16 auctions reported, of which six properties sold under the hammer.
The most expensive property was a two bedroom house at 49 Sussex St in East Victoria Park for $800,000.
Darwin
At the top end, only four auctions were scheduled. So far only one result was reported and that property sold, as a result, the clearance rate was 100%.
The only property that sold was a three bedroom house at 36 Parer Drive Wagaman for $433,000.
Hobart
Hobart had 10 listings and nine auctions and three sales were reported. The most expensive property sold under the hammer was of a four bedroom house at 15 Laycock St Longford for $267,000. However the most expensive sale was a two bedroom house at 2 Rosy Esp Montagu Bay for $455,000.
| Auction highlights this week Saturday, 29 April 2017 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 38 Newton Rd, Strathfield NSW 2135, 6 br House, Devine Real Estate Strathfield | $4,750,000 |
| Melbourne | 2 Southdown Av, Glen Waverley VIC 3150, 5 br House, HAR Judd White | $3,520,000 |
| Adelaide | 8 Penarth Av, Beaumont SA 5066, 5 br House, Refined Real Estate | $1,460,000 |
| Brisbane | 28 Solar St, Coorparoo QLD 4151, 3 br House, LJH Clayfield | $990,000 |
| Canberra | 9 Scarborough St, Red Hill ACT 2603, 4 br House, Peter Blackshaw Real Estate Manuka | $2,040,000 |
| Most affordable | ||
| Sydney | 24/11 Church St, Ashfield NSW 2131, 0 br Studio, R&H Ashfield | $295,000 |
| Melbourne | 4/2 Smart St, Sunshine West VIC 3020, 2 br Unit, S&L St. Albans/Sunshine | $270,000 |
| Adelaide | 15 Andrew Av, Salisbury East SA 5109, 3 br House, HAR Brock Williams | $253,000 |
| Brisbane | 5 Mawson St, Acacia Ridge QLD 4110, 3 br House, RW Sunnybank Hills | $382,500 |
| Canberra | 2/2 Max Jacobs Av, Wright ACT 2611, 2 br Townhouse, Belle Property Kingston | $472,500 |
Australian Property Journal
