Residential property auction market wrap

IT was back to business for the residential property auction market following the Queen’s Birthday holiday.However the market delivered a sluggish performance with weaker clearance rates and falling sales.SydneyLast weekend Sydney recorded a clearance rate of 69.6% from 787 listings, 533 auctions and 418 sales totalling $455 million, according to Domain’s Australian Property Monitors.The result is weaker when compared to the same weekend last year, where a clearance rate of 72.2% was reported from 645 listings, 549 auctions and 434 sales totalling $551.4 million.The median house and apartment sale price last weekend was $1,472,500 and $855,500 respectively, compared to $1,400,000 and $870,000 respectively.Domain chief economist Andrew Wilson said Saturday’s clearance rate was the fourth consecutive decline in weekend results and the lowest rate recorded by the local market since December 2015.Wilson said prices growth has also eased over recent months as the impact from last year’s cuts to interest rates fades.“Median asking prices for Sydney private sale listings however increased solidly by 1.2% over the month of May to a new record high $799,000. Sydney monthly house prices have now risen by 3.4% over the past year“Asking prices for Sydney units also increased over May although not as strongly as houses – up by just 0.1 percent to a new record high $700,000. Sydney monthly unit prices have now risen by 6.1% over the past year,” Wilson said.MelbourneAfter the Queen’s Birthday holiday, the Melbourne market was back in business with 866 auctions reported, according to the REIV. There were 647 homes sold under the hammer whilst 219 were passed in, resulting in a clearance rate of 75%.The clearance rate is slightly higher than the 71% recorded in the same weekend last year from 995 auctions.The total value of auction sales last weekend was $641.83 million with a median house, unit and land sale price of $995,000, $721,500 and $904,000.There were also 269 private sales on the weekend totalling $189.17 million.Domain’s Wilson said Melbourne home prices continue to rise strongly despite the fading impact from last year’s cuts to interest rates.“Median asking prices for Melbourne private sale listings surged over the month of May increasing by 4.9% to a new record high $540,000. Melbourne monthly house prices have now risen by a remarkable 20.0% over the past year“Asking prices for Melbourne units also increased strongly over May – up by 3.3% to a new record high $368,000. Melbourne monthly unit prices have now risen by 11.8% over the past year,” Wilson said.CanberraA clearance rate of 55% was recorded from 53 listings, 37 auctions and 21 sales in Canberra last weekend, according to Domain.The total value of auction sales was $13.95 million with a median sale price of $791,500.BrisbaneBrisbane had 97 listings, 57 auctions and 25 sales resulting in a clearance rate of 44%.The total value of properties sold was $17.39 million and a median sale price of $745,000.Across Queensland, there were 305 listings and 190 homes went under the hammer, of which 64 properties sold at auction.AdelaideAdelaide recorded a high clearance rate of 80% last weekend. There were 72 listings, 32 auctions and 28 sales totalling $14.56 million with a median sale price of $550,000.Across South Australia, there were 106 listings and 74 auctions were reported with 38 sales.PerthIn Perth, there were 66 listings but only 14 auctions were reported and six properties sold under the hammer.DarwinDarwin had nine listings and seven auctions however only one property sold under the hammer.HobartHobart had five auctions, three listings and two sales.

Auction highlights this week Saturday, 17 June 2017 (Source: APM)City     Location     Value Sold Most expensive    Sydney    2 Denning St, South Coogee NSW 2034, 4 br House, RW Woollahra    $6,000,000Melbourne    49 Lisson Gr, Hawthorn VIC 3122, 4 br House, Abercromby's RE    $7,650,000Adelaide    6 Phillipps St, Somerton Park SA 5044, 3 br House, HAR Brighton Hallett Cove    $1,003,000Brisbane    71 Ormadale Rd, Yeronga QLD 4104, 5 br House, SPACE Property Agents Indooroopilly    $2,500,000Canberra    22 Mueller St, Yarralumla ACT 2600, 4 br House, Luton Properties - Manuka    $1,490,000Most affordable    Sydney    6 Koby Cl, Lake Haven NSW 2263, 3 br House, Sorensen Real Estate    $420,000Melbourne    16/7-9 Hatfield Ct, West Footscray VIC 3012, 1 br Unit, Biggin & Scott Deer Park    $195,000Adelaide    13 Kidman Av, Kidman Park SA 5025, 3 br House, HAR Sheppard Property RLA 211280    $378,000Brisbane    186 River Hills Rd, Eagleby QLD 4207, 3 br House, HAR M1    $272,000Canberra    4 Conner Cl, Palmerston ACT 2913, 2 br House, RW - Belconnen    $352,000Australian Property Journal