Melbourne still strong, but Sydney's auction success rate settles sub-70 percent

Melbourne still strong, but Sydney's auction success rate settles sub-70 percent
Melbourne still strong, but Sydney's auction success rate settles sub-70 percent

Sydney recorded a preliminary clearance rate of 69 percent at weekend auctions compared to 67 percent in the prior week.

The weekend’s top performing Sydney sub-region was the Eastern Suburbs with a clearance rate of 87 percent, followed by Sutherland on 84 percent and North Sydney and Hornsby at 80 percent. 

Sales across Sydney ranged from $340,000 for a one bedroom Surry Hills unit to a pre-auction $5.775 million sale of a five bedroom Woollahra house.

CoreLogic RP Data had advised there were 330 scheduled Saturday auctions given reduced school holiday activity. 

Sydney's clearance rate in April last year was well above 80 percent. 

CoreLogic figures have now put the Sydney clearance rate at below 70 percent for the past five weeks after a strong February start. 

Strathfield was Sydney's busiest auction suburb yesterday with the preliminary results showing four of the five offerings finding buyers.

Some 880 Melbourne residential homes were taken to weekend auction with a preliminary clearance rate of 71 per cent, falling from 73 per cent last week and lower than one year ago when it was 79 per cent. 

The busiest auction activity was held in the inner region where 170 homes went to auction and 73 per cent of reported auctions were successful.  

Melbourne's results ranged between a $260,000 Ormond one bedroom flat and $4,375,000 for a 1960s Brighton home (above) on an 830 sqm Middle Crescent block, that reportedly fetched $900,000 over reserve.

The cheapest house was $267,000 at Drysdale, on the outskirts of Geelong.

The REIV noted the Melbourne outer suburbs have seen a significant increase - about 25 percent - in the number of properties sold at auction this year. 

Reservoir had the highest number of auctions listed with 17, followed by Glen Waverley with 13. Of the 15 reported results, only two of the Reservoir offerings did not sell. Some four did not sell at Glen Waverley's 13 results. 

The preliminary clearance rate across Brisbane was 53 percent, up from 47 per cent and also higher than the 46 percent last year.

Some 145 Brisbane auctions were held, but with the two upcoming public holidays, it is expected that Brisbane’s auction market will be relatively quiet over the next two weeks. 

Adelaide saw 99 auctions with a clearance rate of 66 percent.

Preliminary results for Canberra show the clearance rate for this week sitting at 71 percent, sharing the lead as best selling mainland capital with Melbourne.

The nation's cheapest weekend sale was $67,500 for a one bedroom 40 sqm Eagleby villa on the Gold Coast. It last sold at $85,000 in 2010. 

This week saw 1,667 capital city auctions held.

Preliminary results show that 68 per cent of the national auctions were successful, marking the third consecutive week of auction clearance rates below the 70 per cent mark. 

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.

Tags: 
Clearance Rate Residential Auction

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