This article is from the Australian Property Journal archive
THE residential property auction market ended the month of July on a high, led by Canberra which posted the highest clearance rate of over 90% on the weekend.
Canberra
The Canberra market had been building up momentum in recent weeks and it ended the last weekend of July with a clearance rate of 90.4%, according to Domain’s Australian Property Monitors.
There were 37 listings and 31 homes were auctioned in the nation’s capital, with 28 properties.
The total value of properties sold was $19.48 million and a median sale price of $631,250.
Domain chief economist Andrew Wilson said the result is the highest clearance rate of the year with Canberra showing no sign of the usual the mid-winter chill.
Last weekend’s clearance rate of 90.4% was higher than 72.4% reported in the previous weekend and the 67.7% recorded in the same weekend last year.
Next weekend auction numbers will increase sharply with 52 auctions scheduled.
Melbourne
There no signs of the mid winter chill either in Melbourne with the market posting a strong clearance rate of 78%. According to the REIV, there were 697 auctions reported with 544 homes selling whilst 153 were passed in.
This is an improvement on the 75% recorded in the previous weekend from 714 auctions and marginally higher than 77% from 670 auctions.
The total value of auction sales was $461.72 million and the median house, unit and land sale price were $800,000, $630,000 and $515,000 respectively
At the same time, there were 315 private sales totalling $194.6 million.
Wilson said auction numbers will continue to rise over coming weekends as the local market refocuses on the emerging spring selling season.
Sydney
Sydney was not able to stretch its strong four-week run further and posted a clearance rate of 69.7% last weekend – the lowest result since June, according to APM.
This was lower than the previous weekend’s 73.1% result and lower than the 75.7% reported over the same weekend last year.
Wilson said there were 2,675 auctions over July, which is 53.5% higher than the 1,743 homes auctioned over the same month last year.
A total of $292.9 million worth of homes were sold under the hammer, recording a median auction price of $1,020,500, which was lower than the $1,090,000 reported the previous weekend and 15.5% lower than the $1,208,000 recorded over the same weekend last year.
Adelaide
Adelaide delivered a solid clearance rate of 70%. There were 54 listings, although on 21 homes were auctioned resulting in 16 sales.
The total value of sales was $7.81 million and a median auction sale price of $600,500.
In South Australia, there were 87 listings and 62 auctions were held, with 32 properties selling under the hammer.
Brisbane
A surge in listings inundated Brisbane last weekend and it was unable to keep up.
Brisbane recorded a low clearance rate of 55%. There were 106 listings, 63 auctions and 35 sales totalling $18.12 million, with a median sale price of $655,000.
Across Queensland, more properties were passed in, than actual auction sales. There were 367 listings and 228 homes went the hammer with 82 selling, whilst 109 were passed in.
Perth
Perth also had more properties passed in than actual auction sales. There were 30 listings and 17 auctions were held. However only three properties sold under the hammer whilst 11 were passed in.
Darwin
It was a slow weekend for Darwin with 10 listings and six properties went under the hammer with one sale.
Hobart
Hobart had no auction activity for the second weekend in a row.
| Auction highlights this week Saturday, 29 July 2017 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 4 Stanhope Rd, Killara NSW 2071, 5 br House, McGrath Lane Cove | $5,260,000 |
| Melbourne | 27 Burroughs Rd, Balwyn VIC 3103, 5 br House, VICProp – KEW | $3,812,000 |
| Adelaide | 2 Carunta St, Wattle Park SA 5066, 3 br House, Harris Real Estate – Glenelg | $838,000 |
| Brisbane | 31 Cintra Rd, Bowen Hills QLD 4006, 4 br House, LJH New Farm | $1,475,000 |
| Canberra | 58 Endeavour St, Red Hill ACT 2603, 5 br House, Luton Properties – Manuka | $2,900,000 |
| Most affordable | ||
| Sydney | 9/42 Bayswater Rd, Rushcutters Bay NSW 2011, 1 br Unit, McGrath Eastern Suburbs New Developments | $440,000 |
| Melbourne | 5/35 Kingsville St, Kingsville VIC 3012, 1 br Unit, Jas Stephens Real Estate | $216,000 |
| Adelaide | 37 Jeffries Rd, Elizabeth South SA 5112, 3 br Duplex, HAR – Playford | $55,500 |
| Brisbane | 34 Sunflower Cr, Upper Caboolture QLD 4510, 4 br House, Professionals Caboolture | $310,000 |
| Canberra | 61 Gurrang Av, Ngunnawal ACT 2913, 3 br House, LJH Gungahlin | $393,000 |
Australian Property Journal
