Weekend auction volumes rise with downward clearance rate pressure

Weekend auction volumes rise with downward clearance rate pressure
Weekend auction volumes rise with downward clearance rate pressure

Clearance rates remained strong even with higher spring volumes, Domain economist Trent Wiltshire noted after the weekend results.

And while the final clearance rate always dip as the late results are tallied, SQM Research's Louis Christopher advised the weekend results were "quite firm given the rise in volumes."

Wiltshire told Domain clearance rates above 70 percent point to price growth.

CoreLogic calculated there were 1,022 Melbourne homes taken to weekend auction, with 77.8 per cent sold, up on the 74.5 per cent final auction clearance last week when volumes were lower at 826.

Weekend auction volumes rise with downward clearance rate pressure

One year ago, 53.8 per cent of the 1,161 Melbourne homes taken to auction cleared.

Volumes drop next weekend to avoid the clash with the AFL grand final.

Melbourne's top notified sale was $3,875,000 at Black Rock, a home complete with backyard putting green (top and below).
 
Weekend auction volumes rise with downward clearance rate pressure

The home was designed by architect Gabriel Oroszvary for its 953sqm site.

The four bedroom 30 Fourth Street offering was through Buxton who had given a $3.4 million to $3.6 million price guide.

There was an unnotified result when the three-bedroom home at 23 Huntingtower Road, Armadale (below) sold to downsizers for $4.35 million.

Weekend auction volumes rise with downward clearance rate pressure

It was a single level residence built by Glenneagles Homes.

The cheapest sale across the nation's capitals was $240,000 at Kingsville in Melbourne.

The one bedroom 5/22 Bishop Street 1970s unit was listed with $220,000 to $240,000 price guidance through Jas Stephens Real Estate Yarraville.

It last sold at $127,000 in 2006.

It was a $280 a week rental offering late last year. 

Sydney returned a preliminary auction clearance rate of 76.6 per cent as volumes increased across the city.

There were 647 homes taken to auction, up on the 585 homes auctioned the week prior when 76 per cent sold. Last year, a higher 851 Sydney homes were auctioned returning a 51.1 per cent success rate.

The top sale across the nation was in Hunters Hill at $5.86 million (below).

Weekend auction volumes rise with downward clearance rate pressure

The four bedroom home at 17 Lloyd Avenue sold pre-auction through McGrath agent Tracey Dixon who had issued $5.75 million price guidance.

There was a $4.8 million sale in Brisbane when four bidders competed for the offering at East Brisbane.

The five bedroom 26 Balmoral Terrace (below) was a 1920s renovated Queenslander with 466 sqm internal space.

Weekend auction volumes rise with downward clearance rate pressure

The double-storey home as CBD views and river glimpses from its 1,477 sqm block with pool, spa, pond and cricket pitch.

It was offered as by a downsized who had paid $2.7 million in 2005.

Domain reported it was bought by the medical industry couple with children attending a local school.

Canberra was the best performing of the smaller auction markets, with a preliminary auction clearance rate of 65 per cent, Adelaide followed with 59 per cent of homes selling at auction.

Canberra's top sale was a two bedroom at 10 Gipps Street, Barton which Luton Properties advised had only had the three prior owners in its nine decades.

The rear extension to the 1927-built house was designed by architect, Nino Bellantonio.

The marketing advised no pesticides have been used in the garden since the house was bought by the current owner in 1997 at $335,000.

There were just under 2,000 capital city homes taken to auction this week; an increase in volumes of 20 percent over the prior week's 1,639 last week.

The higher volumes returned a national preliminary auction clearance rate of 74 per cent, increasing last week’s final result of 72.8 per cent. 

"While we did see a pickup in auction activity this week, volumes remain lower than one year ago, over the same week last year around 400 more properties were taken to auction, although almost half of these failed to sell," CoreLogic auction analyst Kevin Brogan said

Across the individual property types, the last five weeks has seen houses consistently outperformed units in terms of clearance rate with 74.9 per cent of houses selling at auction this week, while across the unit market a lower 71.2 per cent preliminary clearance rate was recorded, CoreLogic noted.

 

 

 

Tags: 
Clearance Rate Weekend Auctions

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