This article is from the Australian Property Journal archive
THE residential property auction market took time off during the Queen’s Birthday holiday weekend, following record listings in May in the face of a slowing market.
Sydney
Sydney recorded 407 listings on the weekend and 265 homes went under the hammer, of which 204 sold resulting in a clearance rate of 67.1% and total sales of $203.3 million, according to Domain’s Australian Property Monitors.
The result was better than the same holiday weekend last year, despite it being quieter period. There 278 listings, 229 auctions and 164 sales resulting in a 63.1% clearance rate last year.
In the previous weekend, the clearance rate was 70.3% from 788 listings, 638 auctions and 500 sales totalling $525.2 million.
Last weekend’s median house and unit sale price was $1,349,000 and $843,750 respectively, compared to $1,505,500 and $925,000 in the previous weekend and $1,286,000 and $860,000 in the same weekend last year.
The fading Sydney winter home auction market will pause this Saturday with buyers and sellers generally distracted by the Queen’s Birthday holiday weekend.
Domain chief economist Andrew Wilson said although the Sydney home auction market continues to ease, listings and sales volumes remain at record levels for this time of the year.
According to APM, 13,262 were listed for auction over the first five months of this year which is an increase of 29.5% compared to the same period last year.
Auction listings averaged 858 each weekend over May which was well ahead of the 709 recorded over April and the 637 listed over May last year. The May listings result was also a record for that month.
However Sydney recorded an overall auction clearance rate of 71.6% during May which was lower than the 73.3% in April but higher than the 69.4% reported over May last year.
Sydney recorded a median auction price of $1,320,000 over May which was 1.2% higher than the $1,304,000 reported over April and 7.7% higher than May last year.
Melbourne
There were 294 auctions and 222 properties sold in Melbourne last weekend, representing a clearance rate of 76%, according to the REIV.
The clearance rate was marginally lower than the 77% recorded in the previous weekend from 1,031 auctions and significantly higher than the 67% from 276 auctions in the same weekend last year.
Only $188.56 million worth of properties were sold at auction during the Queen’s Birthday weekend with a median house, unit and land price of $777,500, $579,000 and $29,000.
At the same time there were 339 private sales totalling $240.06 million.
REIV data shows more than 9,160 homes sold at auction from 1 March to 31 May – a 7.6% increase on the previous record set in autumn 2015 when 8,517 homes sold.
REIV president Joseph Walton said Melbourne’s remains a top performing market.
“Melbourne’s buoyant auction market continues to perform strongly with multiple auction records falling this year.
“High auction volumes and clearance rates throughout autumn indicate a high level of vendor and buyer confidence in the market,” he said.
Wilson said the Melbourne home auction market commenced winter in record-breaking form and although clearance rates have eased in recent weeks, sellers continue to enjoy robust market conditions.
“Melbourne recorded an overall auction clearance rate of 75.1% in May which was slightly lower than the 75.9% recorded over April but well ahead of the 70.3% reported over May last year. The Melbourne result was clearly the highest of all the capitals with the next highest Canberra at 72.8%
“Auction listings averaged 974 each weekend over May which was well ahead of the 768 recorded over April and the 862 listed over May last year. The May listings result was also a record for that month. 14,987 homes have been listed for auction in Melbourne over the first five months of this year which is an increase of 14.3% compared to the same period last year.
“Melbourne recorded a median auction price of $900,000 over May which was 9.7% higher than the $820,500 reported over April and 10.4% higher than May last year,” Wilson said.
Canberra
A clearance rate of 63% was recorded in Canberra from 31 listings, 25 auctions and 17 sales, totalling $9.88 million. According to APM, the median sale price was $680,000.
Brisbane
There were 87 listings, 53 auctions and 32 sales in Brisbane, resulting in a clearance rate of 60%.
The total value of auction sales was $16.38 million with a median sale price of $705,500.
Across Queensland, there were 246 listings and 161 auctions were reported, with 48 homes selling under the hammer, 29 prior to auction and three after, but 78 were passed in.
Adelaide
The Adelaide market looked promising with 45 listings, however only 16 properties ultimately went to auction which resulted in 13 sales, totalling $6.86 million. A median price of $665,000 was recorded.
Across South Australia, there were 69 listings and 48 auctions were reported, with 26 properties selling under the hammer and 10 prior to auction.
Perth
Perth also showed promising signs with 48 listings, but the holiday proved to be too distracting and only 14 auctions went ahead, resulting in five sales.
Darwin
It was relatively quiet in Darwin with seven listings and two auctions. However both properties failed to sell.
Hobart
Similarly Hobart had four listings, three auctions and no sales last weekend.
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 66 Myrna Rd, Strathfield NSW 2135, 6 br House, Belle Property Strathfield | $4,510,000 |
| Melbourne | 1 Sussex St, Brighton VIC 3186, 4 br House, Nick Johnstone | $3,875,000 |
| Adelaide | 38 Corunna Av, Colonel Light Gardens SA 5041, 4 br House, Ouwens Casserly | $997,000 |
| Brisbane | 94 Pring St, Hendra QLD 4011, 5 br House, RW Ascot | $1,710,000 |
| Canberra | 10 Colton Pl, Downer ACT 2602, 4 br House, Luton Properties – Dickson | $950,000 |
| Most affordable | ||
| Sydney | 5/146 Meredith St, Bankstown NSW 2200, 2 br Unit, ELD Bankstown Projects | $480,000 |
| Melbourne | 14/250-254 Sunshine Av, Kealba VIC 3021, 2 br Unit, O’Brien Real Estate Sydenham | $261,000 |
| Adelaide | 1 Bentley Dr, Holden Hill SA 5088, 3 br House, LJH Walkerville | Modbury | $420,000 |
| Brisbane | 38 Old Logan Rd, Gailes QLD 4300, 2 br House, McGrath Springfield | $201,000 |
| Canberra | 2/45 Totterdell St, Belconnen ACT 2617, 3 br Townhouse, Leader Capital RE | $355,000 |
Australian Property Journal
