This article is from the Australian Property Journal archive
LOWER residential auction listings created a competitive atmosphere on the weekend in Sydney, resulting in the city recording its highest clearance rate in 10 months.
After languishing in recent weeks, Sydney posted a stronger auction clearance rate of 80.3%, according to Domain Group’s Australian Property Monitors. There were 506 listings and 363 properties were reportedly auctioned, with 313 selling for $305.1 million and resulting in a clearance rate of 80.3%.
The result is an improvement from the previous weekend’s clearance rate of 66.9% from 526 listings, 449 auctions and 327 sales totalling $332.7 million.
In the same weekend, the clearance rate was 81.6% from 552 listings, 492 auctions and 427 sales totalling $511.8 million.
Domain’s chief economist Andrew Wilson said last weekend’s clearance rate of 80.3% was the highest result since the 83.1% recorded on July 18 last year – at the peak of the house prices boom.
Saturday’s year-high clearance rate was significantly above than the 71.6% recorded last weekend and well above 2016’s running average of 73.2%.
“The sharp increase is almost unprecedented and follows the cut in mortgage rates announced by most banks over the past week – following the first cut in official rates in nearly a year,” Wilson said.
Meanwhile the Melbourne market remains subdued with a clearance rate of 73% from 708 auctions, according to the REIV. In total, 517 homes sold for a combined $435.64 million.
In comparison, the previous weekend had a clearance rate of 72% from 932 auctions. Whilst in the same weekend last year recorded a rate of 77% from 893 auctions.
Meanwhile the private sales market had 393 transactions totalling $239.62 million.
| Auction highlights this week, Saturday, 14 May 2016. Source: APM | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 36 Viret St, Hunters Hill NSW 2110, 3 br House, McGrath Hunters Hill | $7,025,000 |
| Melbourne | 24 St Vincent Pl N, Albert Park VIC 3206, 5 br House, Marshall White Albert Park | $7,805,000 |
| Adelaide | 4 Redmond St, Collinswood SA 5081, 4 br House, Refined Real Estate | $1,450,000 |
| Brisbane | 92 Hume St, Auchenflower QLD 4066, 5 br House, RW – New Farm | $2,300,000 |
| Canberra | 32 Arthur Cir, Forrest ACT 2603, 4 br House, Peter Blackshaw Real Estate Manuka | $2,092,000 |
| Most affordable | ||
| Sydney | 6/103 Castlereagh St, Liverpool NSW 2170, 2 br Unit, McGrath Estate Agents Liverpool | $370,000 |
| Melbourne | 34 Windrock Av, Craigieburn VIC 3064, 2 br House, Ray White Craigieburn | $242,000 |
| Adelaide | 19/7 Mooloola Wy, West Lakes Shore SA 5020, 2 br Townhouse, Walsh Real Estate | $280,000 |
| Brisbane | 18 Bucknall Ct, Regency Downs QLD 4341, 3 br House, ELD Laidley | $220,000 |
| Canberra | 3 Bridge Pl, Latham ACT 2615, 3 br House, Luton Properties Woden | $442,000 |
Australian Property Journal
