Melbourne passes Super Saturday auction acid test while Sydney results were so-so

Despite the big jump in pre-Easter auction listings, Melbourne’s estate agents secured a commendable 60% Saturday auction success rate, which was revised up to 61% after Sunday's results. But Sydney’s result was weaker with a 53.8% clearance rate.

Melbourne's result was consistent with the year to date, but Sydney's was significantly down on the previous week, the weakest for four weekends.

It was the first super Saturday auction weekend in both Sydney and Melbourne since late 2010, with more than 1,000 auctions scheduled for Melbourne and more than 700 in Sydney.

Not all the results are in, and it was perhaps not the truest reflection of under the hammer sentiment as many agents tried hard to avoid the pre-school holiday bottleneck by securing pre-auction sales. The McGrath agency reported 44 pre-sales among its 76 sales from 151 offerings across NSW.

The Melbourne result was up on the 59% of the prior weekend but slightly lower than the year to date clearance rate of 62% for Melbourne.

The last five Melbourne weekends have returned clearance rates in a very tight band between 58% and 61%, which indicates very consistent demand despite the fluctuations on volume.

Despite the higher Melbourne success rate rate, anedotal auctions reports suggested bidding numbers were more subdued in Melbourne than the turnouts at successful Sydney auctions.

The highest known sale in Sydney was a $4.95 million sale at Burraneer and in Melbourne it was a Grandview Grove Prahran house for $4.57 million. Prahran had the highest number of auctions scheduled for the weekend with 13 out of the 17 reported results sold reflecting a 76% clearance rate.

Melbourne buyers' agent Mal James noted there had been a 79% success rate at the 34 auctions with $1 million-plus his buyers agency attended.

"It was a sizzling result and supports the market improvement most have been claiming in 2012," James says. But the average bidder number was two per auction, James notes.

Ian Carmichael, the Bennison Mackinnon Melbourne eastern suburbs auctioneers notesdespite a few strong results among some average outcomes, buyers were still very prepared to walk away.

“In light of the high volume of homes on offer this is a good result and shows that the market is performing consistently,” Enzo Raimondo, chief executive of the Real Estate Institute of Victoria, says.

The 61% clearance rate came from the 929 auctions reported to the REIV of the expected 1,040 auctions, with more auctions results yet to come which will see a revised tally early this week.

The same weekend last year resulted in a clearance rate of 60% from 808 auctions.

With the Easter holidays next weekend only 50 auctions are scheduled for Melbourne.

The 53.8% Sydney result recorded from 626 of the expected 737 results by Australian Property Monitors was down on the prior weekend's 59% success tally.

Sydney’s various markets performed diversely. Of the 110 reported inner-west auctions, there was a 76.4% success rate. The clearance rate on the lower north shore was 61.3% and 56.3% in the city and east. Other regions were weaker.

In Sydney by 9.30am First National auctioneer Michael McCaffery had sold his 19 Driver Street Denistone West auction property.

“Strong bidding and for above reserve at $776,000 was a great start to the day,” he says.

There were strong registrations at many auctions including a Ray White Five Dock property that fetched $1 million. There were 31 bids from the 11 registered according to Cooley auctioneer Nick Cleary.

At the Ray White auction of Wells Street Annandale for $790,000 the selling agent Charles Bailey had nine registered buyers.

Cooley auctioneer Chris Mourd sold his 21 Trafalgar Parade Concord offering for $1.1 million well above its $950,000 reserve with five registered bidders at the LJ Hooker auction.

The overall Cooley Auctions clearance rate was 57% selling 46 of its 81 auctions.

There were four registrations for 5 Carnarvon Avenue Glenhaven, which fetched $2.16 million through Century 21 West Pennant Hills.

The Ray White offering at 36a Franklin Road Chipping Norton sold for $15,000 above reserve, which the office is claiming as a record price.

The Ray White Drummoyne office sold four of its five listings under the hammer.

Sales included a mortgagee auction when auctioneer Bram Page sold 117/2 Bond Street, Sydney for $412,000. There were eight registered bidders who saw the property move beyond its $400,000 reserve through Sydney Cove Property. The flat last traded at $345,000 in 2008. It was sold on the weekend amid spirited bidding to Allan Dabbagh, owner of Coldwell Banker Real Estate at Wattle Grove and Cumberland-Courier NSW Community's father of the year.

But there were passed ins including a five bedroom beachfront house at Barrack Point, near Shellharbour, that was passed in at $1.7 million by Ray White auctioneer Ben Mitchell.

The propertytycoon.com.au website noted just the two bidders contesting 50 O'Grady Street Clifton Hill with it selling under the hammer for $780,000.

Nelson Alexander agent Roland Paterson had been quoting between $690,000 to $750,000.

A 5/57 Spenser Road St Kilda unit sold for $500,000 as three bidders got involved.

In Melbourne the offering at 4/43 Clowes St South Yarra was passed in at $800,000 but sold shortly after for $820,000.

Andrew James of Hocking Stuart Armidale says his office sold six of seven auctions.

Grant Lynch at Allens Real Estate reported a clean sweep of the office’s three auctions in the outer eastern suburbs.

The Philip Webb agency in the eastern suburbs recorded sales in seven of its 10 auctions.

The Jas H Stephens agency team sold seven of its 10 auctions.

Based on the Saturday 6pm results, there are 133 unreported or unheld Sunday auctions in Melbourne, along with 111 unreported Sydney results.

Melbourne's super Saturday auction weekends since 2003

Source: REIV

Sydney's super Saturday auction weekends since 2009

Source: APM