This article is from the Australian Property Journal archive
WITH the spring season approaching, the residential property auction market is gearing up with more listings. Canberra was the star performer with an outstanding 90% plus clearance rate whilst Melbourne buckled under the pressure.
Canberra
According to Domain’s Australian Property Monitors, 51 homes were listed and 43 went under the hammer with 39 selling – resulting in a clearance rate of 91%.
This is second weekend out of the past three, where Canberra has recorded a clearance rate of over 90%. The previous weekend recorded a clearance rate of 67%.
Canberra also set a new record last weekend, the 91% clearance rate toppled the 90% set only two weeks ago.
The total value of auction sales was $28.34 million and the median price was $670,000.
Sydney
The Sydney market stared down a surge in listings by recording its highest clearance rate for over two months.
According to APM, there were 631 listings and 403 properties were auctioned and 337 homes sold, totalling $362 million and resulting in a clearance rate of 73.7%.
This is up from 70.2% in the previous weekend from 501 listings, 394 auctions and 299 sales totalling $321.6 million.
Domain chief economist Andrew Wilson said whilst last weekend’s result was the highest in two months, it remains well below the boom-time 82.8% reported over the same weekend last year from 466 listings, 421 auctions and 337 sales totalling $438.9 million.
Sydney recorded a median auction price of $1,330,000 on Saturday which was higher than the $1,127,500 reported the previous weekend and 30.4% lower than the $1,020,000 recorded over the same weekend last year.
“Performance was consistent across the city on the weekend with all regions reporting clearance rates above 60% and most above 70%. The lower north produced another strong result with 81.5% followed by the south west well ahead of the previous weekend’s results at 79.2%, the south 76.6%, the north west 76.2%, the city and east 75.9%, the northern beaches 73.7%, the upper north shore 73.3%.
“The inner west was well down this weekend with a clearance rate of 70%, followed by Canterbury Bankstown 69.0%, the central coast 64.7%, and the west with 63.6%,” Wilson said.
Wilson said the Sydney market will get its first pre-spring season test next weekend when auction numbers are set to exceed 600 properties.
Melbourne
After leading the way in recent months as other markets took the backseat, last weekend Melbourne recorded its worst auction clearance rate so far in 2017, according to APM.
Melbourne’s market buckled under the pressure of a surge in listings. The REIV’s data shows Melbourne has recorded its highest ever auction volumes for the first week of August.
Last weekend there were 741 auctions last weekend, of which 538 homes sold resulting in a clearance rate of 73% – this is down from 76% from 767 auctions in the previous weekend and 79% from 544 auctions in the same weekend last year.
The total value of auction sales was $550 million and the median house, apartment and vacant land sale price was $980,000, $662,000 and $939,000.
At the same time, there were 289 private sales totalling $187.69 million.
Wilson said the Melbourne auction market recorded its lowest result of the year so far, weighed down by a surge in pre-spring listings.
He said APM’s data shows Melbourne reported a clearance rate of 71.7% on Saturday which was lower than the previous weekend’s 73.7% result.
“It’s the lowest rate recorded in what has been a bullish 2017, with an unusually hot winter market,” he added. “Saturday’s result was also well below the lower the 79.5% reported over the same weekend last year when interest rate cuts fuelled the market,”
“The northern suburbs maintained their leadership of the regional markets with another strong 82.2% clearance rate although down on the previous weekend’s boom result. Next highest region was the south east with 80.0% followed by the west 76.9%, the north east 76.6%, the outer east 72.5%, the inner city 67.7% and the inner east and the inner south each with 67.6%,” Wilson added.
Adelaide
Adelaide’s market slipped back following the previous weekend’s solid performance.
According to APM, the clearance rate last weekend was 62% from 64 listings, 18 auctions and 13 sales.
Total value of homes selling under the hammer was $6.55 million with a median of $585,000.
Across South Australia, there were 103 listings and 67 results were reported, with 35 sales under the hammer and 12 sales prior to auction.
Brisbane
The Brisbane market remains challenging with a low clearance rate of 41% recorded last weekend.
According to APM, there were 78 listings, 52 auctions and 22 sales.
Auction sales totalled $13.97 million and a median sale price of $879,500 was recorded.
State wide, there 234 listings and 137 auctions were reported with 35 sales under the hammer whilst 22 homes sold prior to auction.
Perth
Perth had 40 listings but only 14 results were reported, of which five properties sold at auction and one sold prior.
Darwin
Darwin witnessed a spike in listings last weekend with 22 properties due to be auctioned. 12 results were reported and there were five sales under the hammer.
Hobart
Tasmania had five listings and two auctions were reported and one property sold, a four bedroom house at 129 New World Ave Trevallyn in Launceston for $280,000.
| Auction highlights this week Saturday, 12 August 2017 (Source: APM) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 40A Mary St, Longueville NSW 2066, 5 br House, McGrath Lane Cove | $8,000,000 |
| Melbourne | 5-7 Braeside Av, Camberwell VIC 3124, 1 br House, Marshall White Boroondara | $5,010,000 |
| Adelaide | 7 Maynard Av, Campbelltown SA 5074, 4 br House, Belle Property Adelaide City | $1,370,000 |
| Brisbane | 53 Princess St, Bulimba QLD 4171, 5 br House, Archived Ray White Rural (Queensland) | $1,560,000 |
| Canberra | 27 Tasmania Cir, Forrest ACT 2603, 5 br House, Luton Properties – Manuka | $2,875,000 |
| Most affordable | ||
| Sydney | 2/31-35 Forbes St, Liverpool NSW 2170, 2 br Unit, Prudential Liverpool | $375,000 |
| Melbourne | 4/566 Pascoe Vale Rd, Pascoe Vale VIC 3044, 1 br Unit, Brad Teal Pascoe Vale | $257,500 |
| Adelaide | 29 Aranga Av, Ingle Farm SA 5098, 4 br House, ANREPS SA | $297,000 |
| Brisbane | 102/35 Ashridge Rd, Darra QLD 4076, 3 br Townhouse, RW – Sherwood | $316,000 |
| Canberra | 13/204 MacFarlane Burnet Av, MacGregor ACT 2615, 2 br Townhouse, Luton Properties – Belconnen | $345,000 |
Australian Property Journal
