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Sydney auctions continue to slide

Sydney auctions still on the slide

Sydney residential auction numbers and clearance rates are well down on 2015, the latest figures from CoreLogic RP Data confirm.

Sydney’s residential auction results continue to point to a correcting real estate market, with volumes and clearance rates well down on the same week 12 months ago.

CoreLogic RP Data reports Sydney recorded a preliminary auction clearance rate of 69.7% for the week – up from 67.1% the previous week but a big drop from the 87% clearance rate seen in the same week last year.

It’s the fifth consecutive week the city’s preliminary rate has failed to clear 70%.

Auction volumes in Sydney are also well down on 2015 numbers, with 457 held last Saturday compared to almost 1000 in last year’s comparable April week.

In Melbourne, the clearance rate slipped 1.5% from the previous week to hit 71.7% from 882 reported auctions. The city’s rate is also noticeably lower than a year ago, when 79.5% of auctions successfully cleared.

Sydney highlights

Despite the broad downturn in the auction market, Sydney continues to be littered with strong individual sales, particularly in areas close to the CBD.

In the trendy city-fringe suburb of Darlinghurst, an original condition, “blank canvas”, three-bedroom, Victorian terrace in derelict condition fetched $1.385m at auction – $230,000 above reserve.

Sydney’s most expensive disclosed auction sale for the week was in Seaforth on the city’s northern beaches, where a 5br, 948sqm house with views of Middle Harbour fetched $4.45m.

At the other end of the scale, an unrenovated 2br, 92sqm Punchbowl unit sold for $382,000, Sydney’s most affordable disclosed auction sale.

The city’s weekly auction median price was $1.15m according to Australian Property Monitors (APM).  Two properties sold for this price: a 3br Caringbah home and a 3br, 620m Kirrawee residence.

Melbourne highlights

The bayside suburb of Brighton was once again Melbourne’s top-end star performer. A “swinging 60s” house, built in 1969 and in mostly original but liveable condition, fetched $4.375m – $875,000 above reserve and Melbourne’s highest disclosed auction sale for the week.

The 4br, 830sqm house on Brighton’s prestigious Middle Crescent, next door to legendary spinner Shane Warne’s old family home, was advertised for its renovation, rebuild or development potential.

A few suburbs north of Brighton in Armadale, a run-down 3br, 452m Victorian cottage achieved $520,000 above reserve at auction, selling for $2.42m.

Also in Armadale, a 2br apartment sold for $815,000 – Melbourne’s auction median for the week as reported by APM. A 3br, 160sqm freestanding Flemington brick house also sold for this price.

Melbourne’s most affordable auction sale was a 2br Footscray that fetched $301,000.

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.