Auction market subdued despite plentiful million-dollar sales

Auction market subdued despite plentiful million-dollar sales

03 November 2015 by Nick Bendel 0 comments

Sydney remains king of the big auction results, even if the city’s clearance rate has fallen from the sky-high level of earlier this year.

The city’s auctioneers sold 270 properties for more than $1 million, with 36 in the $2 million range, 10 in the $3 million range and one in the $5 million range, according to APM PriceFinder.

However, the clearance rate was only 63.4 per cent, compared with 76.8 per cent on the same weekend last year.

Sales fell 19.3 per cent to 519, with the median price for house sales up 6 per cent to $1.28 million and the median price for unit sales up 4.5 per cent to $820,000.

With Melbourne enjoying Derby Day, the city had a quiet auction weekend, with the clearance rate down from 72.1 per cent last year to 66.3 per cent last weekend.

Sales fell 186.4 per cent to 252, with the median house price up 11.3 per cent to $746,000 and the median unit price up 1.2 per cent to $533,000.

Brisbane posted a clearance rate of 58.9 per cent, selling 43 properties at a median price of $821,000, while Adelaide posted a clearance rate of 62 per cent, with the 57 sales achieving a median price of $600,000.

Canberra’s clearance rate reached 64.2 per cent, with 34 homes sold at a median price of $720,000.

Across Australia, the clearance rate fell from 70.8 per cent last year to 63.9 per cent last weekend.

Sales climbed 3.2 per cent to 905, although the median house price fell 7.3 per cent to $961,000 and the median unit price fell 3.6 per cent to $730,000.

Sydney agency Devine Real Estate achieved the nation’s best auction result, selling a six-bedroom Strathfield house for $5.85 million.

Melbourne’s best result was achieved by Jellis Craig Mt Waverley, which sold a four-bedroom Balwyn house for $3.26 million.

Brisbane business McGrath Estate Agents New Farm sold a four-bedroom New Farm house for $1.55 million.

In Adelaide, Harcourts Sheppard Property sold a four-bedroom Glenelg South house for $1.30 million.

Canberra’s best result was achieved by Luton Properties Manuka, which sold a four-bedroom Griffith house for $2.25 million.

[Related: The previous weekend’s results]

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