Autumn auctions sees price fall as clearance rate declines

Autumn auctions sees price fall as clearance rate declines
Autumn auctions sees price fall as clearance rate declines

The 2018 autumn selling season saw fewer bidders at its weekend auctions, which triggered a marked decline in clearance rates along with property prices beginning to fall.

On the final Autumn weekend, agents secured a national clearance rate of 59.7 per cent, according to CoreLogic, which was well down on summer's final weekend when 70.5 per cent of stock was sold in late February.

The gardening guru television host Brendan Moar is among the last minute Autumn listings with his Camperdown going to auction next weekend, before the cyclical winter listings hibernation takes effect from the June Queens Birthday long weekend.

Moar's four bedroom home is a fusion of futuristic modernist styles, according to the marketing by the BresicWhitney Glebe agents Chris Nunn and Nick Playfair.

They describe the home as a one-off poolside entertainer spanning three levels. 

A top floor master retreat comes with its own roof garden.

Moar paid $1,265,000 in 2009 for the home that is scheduled for June 2 auction with a price guide of $2.5 million.

The garden recently featured on The Living Room on Channel 10.

Sydney had the nation's dearest weekend result. It was a parkside lagoon four bedroom house at Manly (top).

The 53 Eurobin Avenue offering sold to a Singaporean, according to Fairfax Media, for $4.615 million just above its $4.5 million expectations through Clarke and Humel agent Michael Clarke.

Melbourne had the nation's cheapest sale.

The $225,000 sale was a one bedroom unit at Gladstone Park. The 20/16 South Circular Road offering (below) last sold in 2016 at $185,000. It had been listed with $190,000 to $209,000 price guidance.

Autumn auctions sees price fall as clearance rate declines

It was offered on a secure fixed lease until January 2019 at $978 per calendar month. It comes with a covenant stating that its occupier - but not necessarily its owner - must be 55 years of age or older, the marketing agent advised.

The most expensive Melbourne house was Granada, a five bedroom house at St Kilda (below). The 28 Eildon Road property, a 1928 architect designed five bedroom Spanish Mission trophy home, sold through Marshall White for $4 million.

Autumn auctions sees price fall as clearance rate declines

The buyers guide was $2.7 million to $2.9 million, with the property announced on the market at $3 million.

It last sold at $885,000 in 1998.

Adelaide recorded the highest capital city clearance rate of 66 percent, with only 31 percent of homes sold in Perth.
 
Melbourne recorded a preliminary clearance rate of 60 per cent.
 
Sydney, with 808 auctions held across the city, returned a 62 per cent preliminary clearance rate.
 
Click here to enlarge.
 
Autumn auctions sees price fall as clearance rate declines
 
CoreLogic auction analyst Kevin Brogan expected final results to be lower after unreported auctions were added to the calculation.
 
AMP Capital chief economist Shane Oliver told Domain that finalised clearance rates in the low 50 per cent range had been historically associated with falling prices.
 
Sydney 53 Eurobin Av, Manly NSW 2095, 4 br House, Clarke & Humel Property Management Pty Ltd $4,615,000
Melbourne 28 Eildon Rd, St Kilda VIC 3182, 5 br House, Marshall White Bayside $4,000,000
Adelaide 9 Owen St, Goodwood SA 5034, 3 br House, Klemich Real Estate - RLA174424 $1,010,000
Brisbane 107 Upper Lancaster Rd, Ascot QLD 4007, 4 br House, RW Ascot $1,550,000
Canberra 9 Warramoo Cr, Narrabundah ACT 2604, 5 br House, Belle Property Kingston $1,578,000

Most affordable

 
Sydney 20/68 Bayswater Rd, Rushcutters Bay NSW 2011, 0 br Studio, Laing+Simmons Potts Point $436,000
Melbourne 20/16 South Circular Rd, Gladstone Park VIC 3043, 1 br Unit, Barry Plant Gladstone Park $225,000
Adelaide 11 McNamara St, Modbury Heights SA 5092, 3 br House, Weeks & Macklin $310,000
Brisbane 55 Bestman Av, Bongaree QLD 4507, 2 br House, RW Bribie Island $490,000
Canberra 26/126 Thynne St, Bruce ACT 2617, 2 br Unit, LJH Belconnen $344,000

SOURCE APM

Tags: 
Auctions Clearance Rate

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