Auction glory days are well and truly over

Auction glory days are well and truly over

10 November 2015 by Nick Bendel 0 comments

A booming auction market seems like a distant dream for Sydney, where clearance rates are now languishing below 60 per cent.

The city posted a clearance rate of 59.2 per cent last weekend, compared with 71 per cent on the corresponding weekend last year, according to APM PriceFinder.

It was only in July that Sydney enjoyed its 12th consecutive weekend above 80 per cent, during which the rate climbed as high as 89.2 per cent.

Auction transactions are also down in Sydney, with sales falling 28 per cent year-on-year to 452. Prices continue to rise, however, with the median price for house sales up 11.7 per cent to $1.34 million and the median price for unit sales up 14.7 per cent to $861,000.

Melbourne posted a clearance rate of 69.7 per cent last weekend compared with 67.5 per cent last year. Sales climbed 0.8 per cent to 607, while the median house price increased 7.8 per cent to $830,000 and the median unit price increased 1.9 per cent to $545,000.

Brisbane could only muster a 35.5 per cent clearance rate, with the 22 sales achieving a median price of $560,000.

Adelaide posted a clearance rate of 67.2 per cent, with the 43 sales achieving a median price of $656,000.

The Canberra market achieved a clearance rate of 74.3 per cent, with 52 properties selling for a median price of $750,000.

Across Australia, the clearance rate fell from 67.1 per cent last year to 64.2 per cent last weekend.

Sales fell 12.8 per cent to 1,176, with the median house price falling 1.8 per cent to $895,000 and the median unit price rising 3 per cent to $660,000.

Sydney agency Simeon Manners achieved Australia’s best auction result, selling a six-bedroom Mosman house for $5.38 million.

Nick Johnstone Real Estate achieved Melbourne’s best result with a Brighton landholding that sold for $3.16 million.

Canberra’s best result was recorded by Peter Blackshaw Real Estate Manuka, which sold a four-bedroom Yarralumla house for $2.21 million.

Brisbane agency Belle Property Bulimba sold a five-bedroom Carindale house for $1.18 million.

Belle Property Unley enjoyed Adelaide’s best result, with a four-bedroom Rose Park house that fetched $1.57 million.

[Related: The previous weekend’s results]

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
William Phillips on how agents can expand their database and grow their business

Get up close and personal with the best real estate sales agents in Australia in Secrets of the Top 100 Agents. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
upcoming events
REB Awards
Sydney The Event Centre 12 Sep
REB Awards
Sydney The Event Centre 12 Sep
Melbourne The Event Centre 14 Oct
Brisbane The Event Centre 18 Dec
View all events
Do you have an industry update?