Sydney's weekend auction success rate back into the 80s

Sydney's weekend auction success rate back into the 80s
Sydney's weekend auction success rate back into the 80s

Sydney’s weekend auction success rate surged back into the 80s, just as the Reserve Bank board meets this week to consider a rate cut that could further ignite the market.

Slim stock levels have seen the Sydney clearance rate hit clearance rate highs not seen since the boom early last year.

There were around 494 weekend auctions held in Sydney, up slightly from 473 last week, but significantly lower compared to the 825 of one year ago.

The preliminary CoreLogic result of 80 percent represented the strongest clearance rate for the city so far this year, and a steep increase from 71 percent last week and also higher than last year’s clearance rate of 76 percent when the mid-year market was coming off the boil. 

The overall strength in the Sydney market has seen week-on-week results over 70 percent since the last week in April.

The strength in Sydney’s result was driven on the weekend by North Sydney and Hornsby (95 percent), Ryde (94 percent) and the Northern Beaches (92 percent).

The Sydney result helped to push the combined national capitals results above 70 percent again, up from last week’s 68 percent to 74 percent.

There was an increased level of activity across the capital city auction market with 1,585 auctions held compared to 1,329 auctions last week.

But activity continues to track lower than the corresponding week last year when 1,903 auctions were held, CoreLogic advised. 

While winter is typically a quieter season for auctions prior to the ramp up in Spring, Kevin Brogan at CoreLogic calculated over the past nine weeks, the volume of auctions held across the combined capitals has been around 20 percent lower than last year, largely driven by less properties being taken to auction across the Sydney market, despite the ongoing strength in the clearance rate.

Melbourne’s clearance rate also jumped to 75 percent this weekend up from 71 percent. There were 749 auctions held in Melbourne, up from 572 last week, and representing a similar level when compared to the 787 one year ago. The best performing Melbourne sub-regions this week were Outer East (83 percent) and Inner South (80 percent). 

The top and cheapest sales around the nation were in Melbourne.

It was a Malvern period house with modern extension which sold through Marshall White at $4.98 million.

There were five $4 million-plus bidders for the five bedroom Edwardian house at 17 McKinley Avenue (above) which was announced on the market at $4.4 million. The home's extension was designed by architect Geoff Challis with its landscaping by Rick Eckersley. 

Andrew Hayne of Marshall White, said a couple moving back to Australia from the US were the buyers.

The weekend's cheapest auction result was a two bedroom unit at Melbourne's Albion, near Sunshine (below).

Sydney's weekend auction success rate back into the 80s

The 5/25 Ridley Street unit fetched $190,000 when sold by Burnham Deer Park. It last sold at $10,500 in 1975. 

Sydney's top priced sale was $3.21 million at Blakehurst when the five bedroom at 38 Walton Street (below) was offered with redevelopment potential.

Sydney's weekend auction success rate back into the 80s

 

A six bedroom house at Ascot in Brisbane fetched $3 million when 47 Palm Avenue (below) sold. 

 

It was a 1993 Queenslander designed by architect Kevin Hayes.

Sydney's weekend auction success rate back into the 80s

Brisbane held 152 auctions compared to 144 auctions last year and 139 last week. Preliminary results show 55 percent of auctions were sold, up from 51 percent last week and lower compared to last year, when 58 per cent of Brisbane auctions were successful.

There were 74 Gold Coast auctions this week with a preliminary clearance rate of 43.9 percent.

Adelaide was host to 106 auctions this week, with a preliminary clearance rate of 71 percent, representing a sharp rise in both the number of auctions held (68) and the clearance rate (56 percent) when compared to last week.

"Despite an overall fall in auction volumes across the capitals for winter so far this year, Adelaide’s auction activity has been reflective of the same conditions seen one year ago," Kevin Brogan said.

There were 33 Perth auctions held this week, 22 last week and 23 at the same time last year. This week’s preliminary clearance rate was 43 percent, up from 33 percent last week and higher than one year ago (40 percent).

The preliminary results show 75 percent of the auctions reported for Canberra this week sold, compared to 69 percent last week and 72 percent last year. There were 44 auctions held across the city this week, down from 52 last week and similar to the 41 held at the same time last year. 

 

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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Auction Clearance Rate

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