This article is from the Australian Property Journal archive
THE residential property auction market saw sales pick up following two consecutive long weekends, however volumes have fallen by more than 60%, as home buyers reassess the market with interest rates tipped to reach 1.5% by end of 2022 from the current historic low rate of 0.1%.
Following the Easter and Anzac Day long weekend holidays, listings and sales rebounded on the weekend. According to Domain, there were 2,231 homes listed, of which 1,448 were auctioned and 969 sold.
A 66.9% clearance rate was recorded and volumes totalled $873.2 million. The median house and unit sale prices were $1,180,000 and $795,000.
It is higher than the Anzac Day holiday’s 1,465 listings, 1,218 auctions and 759 sales totalling $614.2 million and 62.3% clearance.
However, it is significantly below the same period last year, as the market continues to cool. Economists predict the RBA will raise rates either this Tuesday or next month.
Last year clearances were 76.1% and sales totalled a whopping $2.217 billion. Of the 2,258 homes listed, 2,159 auctions and 1,644 sales were reported.
Sydney recorded a 62.4% clearance rate from 822 listings, 495 auctions and 309 sales, totalling $331.3 million. The median house and unit sale prices were $1,635,000 and $1,113,655.
In the previous weekend the rate was 57.4% from 636 listings, 544 auctions and 312 sales, totalling $289.3 million. Last year clearances were 76.9% from 920 listings, 874 auction and 672 sales totalling $1.143 billion.
Melbourne’s market was headlined by a prestige property sale in South Melbourne. A five bedroom house in 30-31 Howe Crescent sold under the hammer for $10.1 million by agents Jellis Craig.
Overall there were 1,116 listings, 776 auctions and 531 sales were recorded, resulting in a 68.4% clearance rate. Volumes totalled $446.8 million, the median house and unit sale price was $1,086,000 and $690,500.
In the previous weekend clearances were 63.5% from 580 listings, 480 auctions and 305 sales totalling $225.8 million, whilst last year the rate was 74.8% from 1,069 listings, 1,026 auctions and 767 sales totalling $880.3 million.
Adelaide was the star performer with clearances of 85%. Of the 101 homes listed, 53 went under the hammer and 45 sold. Volumes totalled $37.827 million and the median sale price was $818 million.
Canberra continues to slow with clearances falling to 68%. There were 92 listings, 62 auctions and 42 sales totalling $29.886 million. The median sale price was $987,000.
Similarly Brisbane reported a 68% rate, there were 100 listings, 62 auctions and 42 sales totalling $27.304 million. The median sale price was $1,040,000.
| Auction highlights this week Saturday, 30 April 2022 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 9 Padulla Pl, Castle Cove NSW 2069, 4 br House, McGrath Castle Cove | $5,650,000 |
| Melbourne | 30-31 Howe Cr, South Melbourne VIC 3205, 5 br House, Jellis Craig Port Phillip Pty Ltd | $10,100,000 |
| Adelaide | 42 Seafield Av, Kingswood SA 5062, 4 br House, Williams Real Estate RLA 247163 | $2,500,000 |
| Brisbane | 183 Westlake Dr, Westlake QLD 4074, 4 br House, RW Paddington | $2,275,000 |
| Canberra | 81 Mugga Wy, Red Hill ACT 2603, 5 br House, Blackshaw Manuka | $4,200,000 |
| Most affordable | ||
| Sydney | 7/2 Victoria Sq, Ashfield NSW 2131, 1 br Unit, Harris Tripp | $600,000 |
| Melbourne | 10/35 Herbert St, Dandenong VIC 3175, 1 br Unit, HockingStuart Dandenong | $310,000 |
| Adelaide | 76 Hamilton Bvd, Evanston Gardens SA 5116, 3 br House, RW Gawler | $470,000 |
| Brisbane | 4 Feldspar St, Bethania QLD 4205, 3 br House, RW – Beenleigh | $435,000 |
| Canberra | 14/12 Albermarle Pl, Phillip ACT 2606, 1 br Unit, Paul & Robyn Sutton Properties Pty | $348,000 |
