This article is from the Australian Property Journal archive
THE auction market continued to deliver solid results last weekend despite an increase in listings.
National
The national preliminary clearance rate was 72.3%, slightly softer than the previous weekend’s preliminary rate of 73.9% which finalised at 68.5%.
According to Domain, there were 2,137 listings, 1,445 auctions and 1,134 sales last weekend totalling $950.4 million. The median house and unit sale prices were $1,066,000 and $740,000.
Listings are up from the previous weekend’s 2,038 properties, of which 1,661 were auctioned and 1,206 sold under the hammer. Sales totalled $958 million.
This time last year, the clearance rate was only 40.9% from 2,112 listings, 1,760 auctions and 830 sales totalling $915.2 million.
AMP Capital chief economist Shane Oliver said the clearance rate remains strong but has declined slightly.
He added that although sales volumes are up from a low base, they remain below the boom time highs.
In the same weekend in 2017, there were 2,514 listings, 2,214 auctions and 1,446 sales totalling $1.6 billion, but the clearance rate was lower at 59.8%.
In 2016, clearances were 72.1% from 2,136 listings, 1,938 auctions and 1,458 sales totalling $1.61 billion and in 2015 it was 58.6% from 2,437 listings, 2,093 auctions and 1,323 sales totalling $1.29 billion.
Sydney
Despite a decrease in listings, Sydney’s clearance rate softened last weekend. According to Domain, there were 763 listings, 511 auctions and 434 properties sold.
Auction sales totalled $415.9 million and the median sale price was $1,480,000 and $800,000.
The preliminary clearance rate was 75.3%, Oliver expects the final rate will be around 70%, which is down from the 73.7% recorded in the previous weekend from 813 listings, 651 auctions and 523 sales totalling $462.9 million.
But clearances are higher than the 41.1% recorded a year ago where there were 706 properties listed, 467 auctions and only 264 sales totalling $400 million.
In comparison to 2017, the rate was 53.3% from 815 listings, 619 auctions and 402 sales totalling $543.5 million. In 2016, it was 73.3% from 760 listings, 680 auctions and 534 sale totalling $735.8 million and in 2015 it was 53.2% from 874 listings, 684 auctions and 426 sales totalling $516.4 million.
Melbourne
The rise in listings was matched by a higher turnout of buyers in Melbourne last weekend. According to the REIV, a clearance rate of 76% was recorded from 891 auctions and 677 homes sold whilst 214 passed in, 80 on a vendor bid.
Over 2800 homes were sold at auction in October, making it the highest monthly figure since March last year. Suburbs such as Reservoir (53 homes sold), Mount Waverley (44) and Glen Waverley (37) have led the way.
This compares to a rate of 72% from 894 auctions in the previous weekend and 47% from 1,143 auctions last year.
According to Domain, the preliminary rate was 73% from 1,129 listings, 814 auctions and 619 auctions. Auction volumes totalled $477.2 million and the median house and unit sale price was $958,000 and $674,500.
Oliver expects the final rate will be 72% which is higher than 69% recorded in the previous weekend, where there were 959 listings, 795 auctions and 568 sales totalling $423.5 million.
In the same weekend last year, the rate was only 39.3% from 1,131 listings, 1,042 auctions and 438 sales totalling $414.9 million.
In 2017 it was 65% from 1,369 listings, 1,304 auctions and 878 sales totalling $926.6 million. In 2016 the rate was 76.4% from 1,060 listings, 990 auctions and 767 sales totalling $770 million. In 2015 it was 63.4% from 1,225 listings, 1,129 auctions and 736 sales totalling $664.8 million.
Canberra
Canberra maintained its solid performance for the second weekend in a row. According to Domain, there were 66 listings, 54 auctions and 39 sales resulting in a 68% clearance rate.
Auction sales totalled $33.36 million and the median sale price was $860,000.
Corelogic also reported 90 private sales in the nation’s capital.
Brisbane
Brisbane reported a 38% rate last weekend, according to Domain. There were 86 listings, 34 auctions and 15 sales totalling $7.275 million. The median sale price was $620,000.
Across Queensland, the rate was 45% from 235 listings, 92 auctions and 41 sales, according to Corelogic. There were also 890 private sales reported.
Adelaide
Adelaide slipped last weekend with clearances falling below 60% to 59%, according to Domain. Of the 93 properties listed, 32 went under the hammer and 27 sold.
Auction sales totalled $16.693 million and the median sale price was $675,000.
Corelogic reported a 71% rate for the state with 143 listings, 56 auctions and 40 sales. It also recorded 257 private sales.
Perth
Western Australia had a 56% clearance rate. Corelogic reported 46 listings, 18 auctions and 10 sales. At the same time, 356 homes sold privately.
Hobart
After recent weeks of inactivity, Tasmania had three properties listed and two auctions were held, of which one property sold. Corelogic also reported 168 private sales.
Darwin
The Northern Territory had 43 listings, seven auctions and six sales. Corelogic also recorded nine private sales.
| Auction highlights this week Saturday, 16 November 2019 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 132 Marine Pde, Maroubra NSW 2035, 4 br House, PhillipsPantzer Donnelley | $7,000,000 |
| Melbourne | 1&3 Collins St, Brighton VIC 3186, 4 br House, Hodges | $4,050,000 |
| Adelaide | 141 Gover St, North Adelaide SA 5006, 4 br House, Belle Property Unley | $1,410,000 |
| Brisbane | 58 Dunedin St, Sunnybank QLD 4109, 5 br House, LJH Sunnybank Hills | $1,000,850 |
| Canberra | 8 Hunter St, Yarralumla ACT 2600, 5 br House, Peter Blackshaw Manuka, Projects | $3,675,000 |
| Most affordable | ||
| Sydney | 3/45 Yerrick Rd, Lakemba NSW 2195, 2 br Unit, The Agency Inner West | $355,000 |
| Melbourne | 29/132 Rupert St, West Footscray VIC 3012, 1 br Unit, Hocking Stuart Yarraville | $216,000 |
| Adelaide | 44 Charford St, Elizabeth North SA 5113, 3 br Terrace, HAR – Playford | $80,000 |
| Brisbane | 7 Normanhurst Ct, Petrie QLD 4502, 3 br House, HAR Pinnacle | $320,000 |
| Canberra | 106/26 Oliver St, Lyneham ACT 2602, 2 br Townhouse, Peter Blackshaw City & Inner North | $425,000 |
