Melbourne continues residential auction rebound

Melbourne continues residential auction rebound
Melbourne continues residential auction rebound

Canberra was the standout performer for another week with over 80 percent of weekend auctions being successful.

Adelaide’s clearance rate took a hit as the city entered into lockdown during the week, reducing from an 80 percent final clearance rate last week to a 41 percent success rate this week with many auctions withdrawn.

There were 1,791 homes scheduled for auction across the nation's combined capital cities this week and of the 1,442 results collected so far by CoreLogic, 73 percent have reported a successful result.

This week’s volumes were not only higher than last week’s 1,728 auctions held, but the highest number of auctions held since April.

Preliminary figures indicate that the clearance rate weakened over the week, after last week’s higher preliminary figure of 75 percent, which later revised down to 70 percent at final figures.

One year ago, a much higher 2,612 homes were auctioned, when a lower 68 percent cleared.

In Melbourne, volumes increased over the week with 632 properties scheduled to go under the hammer, of the results collected so far a preliminary clearance rate of 77 percent was recorded.

This was higher than both last week and last year’s clearance rate, however volumes are only half of that seen last year. Last week, 604 Melbourne homes were auctioned recording a final auction clearance rate of 69 percent and last year a 70 percent clearance rate was achieved across 1,221 auctions.

It was the last weekend with Melbourne auctions to be held with only 10 bidders allowed to attend an auction or home inspection.

There has now been an easing of coronavirus-related rules, from midnight Sunday, to allow 20 people at a private inspection as long as social-distancing rules are met. 

Up to 50 people will also be able to attend an auction held outside under the new rules that were introduced.

Melbourne’s top reported weekend sale was $4 million in Malvern (top and below), having come with a $3.9 million to $4.2 million Marshall White price guide.

Melbourne continues residential auction rebound

The four bedroom contemporary home behind its 1890s facade at 46 McKinley Avenue last traded in 2003 prior to its 2008 Canny Homes rebuild at $1.17 million.

There were 807 Sydney homes taken to auction over the week, preliminary figures show that 76 percent sold, lower than last week’s preliminary figure of 76 percent when volumes were a higher 840.

Sydney’s final clearance rate came in at 71 percent last week, "so it’s likely this week’s will be similar," CoreLogic noted.

One year ago, 940 Sydney homes were auctioned returning a final clearance rate of 76 percent.

Sydney prestige sales included a $16.6 million house in Vaucluse. Wendouree, a Vaucluse house listed through Sotheby's for the first time in eight decades, was the nation’s top sale.

There was also a $11.01 million sale through Sotheby's in Bellevue Hil, which was $1.5 million above the reserve.

The four-bedroom home on 830 sqm, at 29 Kambala Road, Bellevue Hill, attracted six registered bidders. 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Malvern Vaucluse

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