Canberra, Melbourne and Adelaide challenge Sydney as the nation's strongest auction market

Canberra, Melbourne and Adelaide challenge Sydney as the nation's strongest auction market
Canberra, Melbourne and Adelaide challenge Sydney as the nation's strongest auction market

Four capitals secured 80 percent plus weekend auction clearance rates. 

The strengthening markets of Canberra, Melbourne and Adelaide have joined Sydney, which is now being challenged as the nation's strongest auction market. 

There were around 2,246 held across all the capital cities with a preliminary national clearance rate of 79 percent. 

At the same time last year, CoreLogic had the results as substantially lower, with 69 percent of auctions sold, with considerably higher volume, some 3,016 capital city auctions.

Canberra had the top clearance rate at 86 percent across 68 auctions.

"This is the highest clearance rate Canberra has recorded this year, while one year ago the clearance rate was lower at 62 percent," Kevin Brogan at CoreLogic advised. 

Canberra prices ranged in a tight range between $285,000 at Gungahlin for a one bedroom townhouse and $1.37 million in Yarralumba (below).

 
Canberra, Melbourne and Adelaide challenge Sydney as the nation's strongest auction market
 
 

Sydney hosted 774 auctions this week with an 81.5 percent clearance. Last year 1,197 auctions were held and the clearance rate was 69 percent. 

Melbourne, with 1,110 scheduled auctions, had an 81.2 percent success rate.

"One year ago, in Melbourne, the clearance rate was 73.4 percent," Brogan noted with 1,400 offerings on the same Saturday last year. 

Almost 4,000 Melbourne auctions are expected in October with three Super Saturdays scheduled, the REIV chief, Geoff White said.

Melbourne had the highest sale when $4.35 million was paid in Canterbury, well above the $3.5 million plus price guidance for the four bedroom Monomeath Place offering (below).

 
Canberra, Melbourne and Adelaide challenge Sydney as the nation's strongest auction market
 

Next most expensive was a vast 1920s apartment on the Beaconsfield Parade, Middle Park promenade which sold for $3.07 million having had a $2.7 million plus price guidance (below).

 
Canberra, Melbourne and Adelaide challenge Sydney as the nation's strongest auction market
 

The third priciest home sold in Melbourne was by Dea and Darren Jolly, stars of past series of Channel 9 show, The Block.

They pocketed a nice gain from the sale of their Kew East-rebuild with a $2.908 million auction result (below). 

Canberra, Melbourne and Adelaide challenge Sydney as the nation's strongest auction market

They'd spent a year and about $1 million rebuilding the 1920s California bungalow after purchasing it in a rundown state for $1.395 million in June last year. 

Melbourne also had the nation's cheapest result which was $259,000 for a three bedroom brick house in Melton.

 
Canberra, Melbourne and Adelaide challenge Sydney as the nation's strongest auction market
 

In Adelaide auction activity, the 80 percent success rate was the highest reported for the year from around 100 listings.

Over the same week last year it was 64 percent of the 127 offerings. Adelaide prices ranged between $280,000 at Oaklands Park and $1.3 million for a four bedroom 1930s Tudor style home at Linden Park which was sold pre-auction (below).

 
Canberra, Melbourne and Adelaide challenge Sydney as the nation's strongest auction market
 

Preliminary results show that Brisbane’s clearance rate sat at 55 percent, comparable to the 54 percent last year. Brisbane prices ranged between $530,000 at Calamvale and $3 million pre-auction at Indooroopilly on the river (below).

 
Canberra, Melbourne and Adelaide challenge Sydney as the nation's strongest auction market
 

Sydney's top sale which was $4.12 million in Vaucluse (below), the onetime home of then barrister, Neville Wran, who became the state's 35th premier in 1976.

Canberra, Melbourne and Adelaide challenge Sydney as the nation's strongest auction market

The 10 Princes Avenue home was where Wran lived in the 1960s with his first wife Marcia and their two children, Glenn and Kim.

Daniel Baran, of The Agency, said the $4.12 million sale was above reserve by more than $600,000.

The 1920s home on its 650 sq m block was purchased by Wran for £13,000 in 1961 and sold five years later for $40,000.

The property last traded in 1993 for $890,000.

It was the city and east with the highest regional clearance rate at the weekend with 98 per cent success, according to CoreLogic.

The next highest was the lower north with 92 percent.

The Sydney south west had the lowest clearance rate of 52 per cent.

Melbourne's sub-region top performer was the North East region at 87 percent from 114 auction results which included an $858,000 three bedroom home at Heathmont (below).

Canberra, Melbourne and Adelaide challenge Sydney as the nation's strongest auction market

It's sale price was close to the $878,000 median house price paid at weekend auctions across Melbourne, according to Domain calculations.

CoreLogic's Kevin Brogan said auction volumes had rebounded following the Labour Day long weekend which coincided with the AFL and NRL grand finals.

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Canberra, Melbourne and Adelaide challenge Sydney as the nation's strongest auction market

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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Auctions Residential Sales

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