This article is from the Australian Property Journal archive
THE mid winter chill has set into the residential property auction market with the number of listings falling significantly across the country.
Falling auction numbers have helped boost clearance rates which have been declining in recent weeks.
Sydney
The clearance rate climbed higher last weekend due to fewer properties on offer. According to Domain’s Australian Property Monitor, there were 628 listing and 399 properties went under the hammer, of which 319 sold, resulting in a clearance rate of 69.7%. The total value of auction sales was $328.5 million.
In comparison to the previous weekend, the clearance rate was lower at 65.1% from 747 listings, 554 auctions and 418 sales totalling 440.2 million.
Although the
In the same weekend last year, there were 193 listings, 160 auctions and 136 sales totalling $160 million, representing a clearance rate of 73.1%.
The median auction house and unit sale price last weekend was $1,425,000 and $855,000 respectively. In the previous weekend, the house and unit median sale price was $1,510,250 and $960,000 and in the same weekend last year, it was $1,267,000 and $872,500 respectively.
Domain chief economist Andrew Wilson said last year’s winter market was reactivated by the May cut to official interest rates.
He noted that Sydney has now recorded consecutive weekends with results below 70% for the first time since December 2015 when the market was impacted by increases in mortgage rates.
Melbourne
The clearance rate in Melbourne also improved last weekend due to fewer auctions.
According to the REIV, there 608 auctions and 450 homes sold, resulting in a clearance rate of 74%.
It is a slight improvement from the previous weekend’s 72% from 912 auctions and 69% from 212 auctions in the same time last year.
Despite the decline, REIV president Joseph Waltor said auction volumes last month were the highest in seven years with almost 3,200 homes going under the hammer.
The total value of auction sales was $384.22 million and a median house, unit and land auction sale price of $821,000, $595,000 and $858,500 respectively.
At the same time, there were 287 private land sales totalling $221.25 million
“Last year’s winter market was influenced by official interest rate cuts in May and August that acted to bolster overall activity.
“This year’s winter market is however normalising by contrast with typically lower activity before the usual spring revival. This may however be short-lived with the likelihood of a surge in first home buyers in July set to re-stimulate the market,” Wilson said.
“Inner city and eastern suburban areas were again the predictable winter under-performers last weekend although the inner south bucked the trend with a strong result,” he added.
Canberra
Canberra had 33 listings and 32 auctions were reported with 24 homes sold, resulting in clearance rate of 75%, according to APM.
The total value of auction sales was $15.628 million with a median sale price of $685,000.
Brisbane
A low clearance rate of 57% was recorded in Brisbane from 87 listings, 52 auctions and 30 sales reported.
The total value of properties sold was $15.18 million and a median sale price of $629,750.
Across Queensland, there were 306 listings and 250 homes went under the hammer, however only 59 properties sold.
Adelaide
Adelaide also recorded a low clearance rate of 58% from 51 listings, 31 auctions and 19 sales.
The total value of properties sold was $10.63 million and a median price of $611,250.
Across South Australia, there were 110 listings, 96 auctions and 47 homes were sold under the hammer.
Perth
Perth’s clearance rate was sub 50% despite an increase in activity.
There were 63 listings and 51 auctions, however only 14 properties sold at auction.
Hobart
There were only seven listings across Tasmania and three auctions were reported with no sales under the hammer.
Darwin
Similarly Darwin had 12 listings and 12 auctions but only one sale at auction.
| Auction highlights this week Saturday, 1 July 2017 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 19 Carlisle St, Tamarama NSW 2026, 3 br House, McGrath Eastern Suburbs New Developments | $4,000,000 |
| Melbourne | 52 Adelaide St, Armadale VIC 3143, 5 br House, Marshall White Stonnington | $5,200,000 |
| Adelaide | 21 Sussex Tce, Hawthorn SA 5062, 4 br House, T&T SA | $1,125,000 |
| Brisbane | 12 Kooralgin St, Manly QLD 4179, 3 br House, LJH Wynnum | $1,420,000 |
| Canberra | 12 Hicks St, Red Hill ACT 2603, 4 br House, LJH Manuka | $1,400,000 |
| Most affordable | ||
| Sydney | 17/257-261 Darlinghurst Rd, Darlinghurst NSW 2010, 0 br Studio, BresicWhitney Darlinghrst | $455,000 |
| Melbourne | 10/30 Richardson St, Essendon VIC 3040, 1 br Unit, Nelson Alexander Essendon | $291,000 |
| Adelaide | 34 Scarlet Av, Munno Para SA 5115, 4 br House, RW Craigmore | $327,000 |
| Brisbane | 23/45-47 Defiance Rd, Woodridge QLD 4114, 3 br Townhouse, LJH Logan City | $245,000 |
| Canberra | 38 Jacobs St, Evatt ACT 2617, 3 br House, IPG – Belconnen | $435,000 |
Australian Property Journal
