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Auction clearance rates lower

Auction clearance rates lower

Across the Australian capitals, the auction clearance rate softened to a preliminary 65.9% for the week ending 4 March.

More than one in three dwellings remained unsold at auction this weekend, with the weekly clearance rate across the combined capital cities down from 74.6% at the same time last year, according to the latest CoreLogic data.

2,980 homes were auctioned in the week ending 4 March, 2018, returning a preliminary clearance rate of 65.9%. More than half of these were held in Melbourne, where the Inner and North West sub-regions listed the strongest results.

Melbourne

Melbourne’s clearance rate was 67.3% according to CoreLogic.

Domain recorded the median price as $880,000. This bought 5-bedroom homes in Chirnside Park and Wantima, a 3-bedroom townhouse in Seddon and 3-bedroom houses in Forest Hill and Mulgrave.

At the lower end of the market, 1-bedroom units could be found for less than $300,000 with sales in West Footscray for $260,000, St Kilda for $275,000 and Coburg for $295,000, respectively. In Campbellfield, a 2-bedroom townhouse sold for $250,000. A 3-bedroom home sold for $391,000 in Sunbury and another sold for $407,500 in Broadmeadows.

At the higher end of the market, three properties sold for more than $4m: a 5-bedroom home in Hawthorn East reached $4,360,000, a 6-bedroom home in Malvern East reached $4,700,000 and a 4-bedroom home in Williamstown reached $4,750,000.

There were more properties listed for sale, including private listings, in Melbourne than any other city - 30,675 homes, representing an increase of 6.1% on the same time last year. Home values have increased by 6.5% in the same time period.

Sydney 

Sydney’s clearance rate was 66.9%, CoreLogic reported. In the sub-regions of Sydney data, the Eastern Suburbs reported the highest clearance rate of 77.5%, with total auctions at 175 and CoreLogic reporting auction results at 142.

The cheapest properties were found well outside of the CBD in Sydney’s western suburbs. A 3-bedroom house sold in Werrington Downs for $546,000, a 3-bedroom unit sold in Westmead for $621,000 and a 4-bedroom house sold in Doonside for $673,500.

Two properties sold for more than $7m - a 4-bedroom house in Longueville reached $7,410,000 and another in Mosman reached $7,200,000.

There were 26,656 homes listed for sale in Sydney, including private listings, representing more than 27.4% more than this time 12 months ago, according to Corelogic. In that time, home values have decreased by 0.8%, and are down 1.5% in the year to date. 

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.