Clearance Rate

Sydney apartment vendors secured a 70 percent weekend auction success rate with CoreLogic advising almost half the sales were pre-auction.

CoreLogic reported 214 apartment and townhouse sales with 97 finding buyers before auction.

Sydney estate agents secured 52 sales via online auctions given the city being in lockdown.

Some 48 listings were postponed.

CoreLogic calculated a $1.03 million median.

Sydney&#39;s dearest weekend apartment sale was the two bedroom, two bathroom at 161/5 Wulumay Close, Rozelle which sold at online auction for $2.77 million.

<a href="https://www.urban.com.au/developments/sydney-nsw?source_news_article_id=104928&amp;ref=news_body_link"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/sydney-cbd-_template_10.jpg" width="1200" /></a>

Balmain Realty agent Scott Robertson marketed the top floor apartment as within &quot;the prized Balmain Cove harbourfront complex ... with exceptional build quality by Walker Corporation.&quot;

There had been a $2.5 million price guide for the refreshed 1999-built apartment with 127 sqm floor space.

It had last sold in 2012 at $1,275,000 and in 2006&nbsp;at $930,000.

It first sold off the plan in 1997 at $695,000.&nbsp;&nbsp; &nbsp;

Sydney was the strongest city with Brisbane seeing a 27 percent success rate for its apartment offerings.

Melbourne&#39;s 285 results saw a 66 percent success rate with a $670,000 median price.

Nationally there were 530 results across all the capital cities with a 67 percent success rate and a $737,000 median price.

CoreLogic advised almost half the Sydney apartment sales were pre-auction

jchancellor

Walker Corp apartment tops weekend auctions with Sydney vendors securing 70 percent success rate

Sydney&#39;s top revealed weekend apartment sale was $2.18 million at Chatswood.

It was a three bedroom, two bathroom apartment at 1801/2B Help Street.

Set on the 18th-floor in the Regency Tower, the recently refreshed apartment last sold at $780,000 in 2009.&nbsp;

Sydney had the nation&#39;s cheapest apartment sale result at weekend auctions across the capital cities.

It was when 17/22 Nagle St, Liverpool fetched $285,000.

<a href="https://www.urban.com.au/developments/sydney-nsw?source_news_article_id=101646&amp;ref=news_body_link"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/sydney-cbd-_template.jpg" width="1200" /></a>

It last sold at $148,000 in 2001.&nbsp;

The one bedroom 76 sqm apartment was marketed as in need of substantial repair.&nbsp;

The second floor apartment was sold by Elders Liverpool agent:Frank Polistina.

CoreLogic calculated 78 percent of Sydney&#39;s 336 unit auctions were sold at a $975,000 median price.

It was $691,000 in Melbourne where the lockdown triggered auction withdrawals.

There were just the 306 apartments to auction across Melbourne, with a 62 percent success rate.

<a href="https://www.urban.com.au/developments/melbourne-vic?source_news_article_id=101646&amp;ref=news_body_link"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/template_photoshop_melbournecbd_1.jpg" width="1200" /></a>

Canberra saw 80 percent of its 12 apartment offerings find buyers.

It was 55 percent from the 36 Brisbane offerings, a slight improvement on the prior week when&nbsp; CoreLogic calculated there was a 50 percent weekend success rate from Brisbane&#39;s 16 apartment listings.

Last week was set to be the second biggest auction week so far this year however with another lockdown in Victoria volumes dropped slightly.&nbsp;

There were 2,930 homes taken to auction over the week which is currently the third highest number of auctions we have seen this year across the combined capitals.&nbsp;

Of the 2,460 results collected so far, 75.7 per cent were successful.&nbsp;

In comparison, the previous week recorded a higher preliminary clearance rate of 78.2 per cent, which revised down to 75.6 per cent at final figures.

With Melbourne currently in lockdown, 1,264 homes were taken to auction this week, compared to the 1,451 auctions predicted for this week.

Preliminary figures show 72.8 per cent of the 1,101 results collected so far were successful.

There were 1,177 homes taken to auction across Sydney this week, compared to 1,103 last week and 452 this time last year. There have been 969 auction results collected so far, returning a preliminary auction clearance rate of 81 per cent.&nbsp;

Across the smaller capital cities, Canberra recorded a preliminary auction clearance rate of 84.7 per cent, followed by Brisbane where preliminary results show 71.9 per cent of auctions were successful. Adelaide recorded a preliminary auction clearance rate of 69.3 per cent, while in Perth, 34.8 per cent of reported auctions were successful.

The week was set to be the second biggest auction week so far this year however with the lockdown in Victoria saw volumes dropped slightly.

75% auction success rate for Sydney apartments with Melbourne at 62%

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Macquarie Capital’s global executive chairman David Roseman and his interior designer wife Sue have reportedly secured $10 million for their Point Piper beachfront apartment.

There had been guide of $9 million plus on the whole-floor Wolseley Rd apartment.

The Rosemans had undertaken a renovation after it was bought 13 years ago for $3.9 million. 

Sue is a former Macquarie executive.

The four bedroom apartment features Tasmanian Oak chevron floors, Calacatta marble appointments and high ceilings. 

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The spacious open plan living and dining areas flow to a deep covered terrace.

The ground floor comes with gymnasium, swimming pool and lawn with steps to the beach.

The couple were the recent buyers of the nearby duplex of JP Morgan boss Paul Uren and his wife Jennifer at more than $16 million.

The Hong Kong-based JPMorgan boss had listed it with initial $18 million hopes two years ago. 
 
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The apartment that sits on the dress circle Wolseley Road, Point Piper sold through local agent Di Baker

$10 million Point Piper trophy apartment tops weekend sales 

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Sydney apartment vendors secured an 84% weekend success rate in what was the busiest week for auctions since the week prior to Easter 2018.

There were 3,791 homes taken to auction across the combined capital cities last week, according to CoreLogic.

The higher volumes saw the preliminary clearance rate strengthen, with 84.4 per cent of all auctions recording a successful result.

For apartment vendors the best result came with Sydney's 84% success rate.

Melbourne apartment vendors had a 71% success rate.

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It was 55% in Canberra and 52% in Brisbane.

Houses outperformed units in all the major auction markets, Sydney (80%); Melbourne (84%); Canberra (90%) and Brisbane (73%).

Auction volumes are set to fall this week due to the Easter long weekend, with CoreLogic currently tracking around 880 auctions a cross the combined capital cities.

The Easter period last year saw 634 homes taken to auction.

Melbourne's results ranged from a $122,500 Box Hill studio which sold through Jellis Craig pre-auction through to a $2 million three bedroom, three bathroom Brighton East townhouse.

The 1A Hodder St offering had a $1.6 million to $1.7 million Gary Peer price guide.

The most affordable sale at auction in Sydney at the weekend was a two bedroom townhouse at 3/165-167 Adelaide St St Marys at $423,990.

The villa had sold at $355,000 in 2016.
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Sydney was host to 1,392 auctions, increasing from 1,025 over the previous week, and 1,279 this time last year.


Brighton townhouse tops Melbourne's 71% weekend apartment auction success rate

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The demand for property in Victoria reached record levels in February.

Some 84.8 per cent of the 3,000 properties that went to auction sold under the hammer, the Real Estate Institute of Victoria found.

It was also the highest clearance rate of any month over the last 11 years, topping an old 2010 record which saw an 84 per cent clearance rate.

There were 17 suburbs which saw a perfect auction run, clearing 100 per cent of its properties at auction.

The likes of inner city Hawthorn East, Brunswick East, Collingwood and Fitzroy North saw all of its homes sell.

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Also scoring a perfect game were Ferntree Gully, Rowville, Seaford, Ashburton, Blackburn South, Fawkner, Wantirna, Boronia, Fairfield, Hillside, Seddon, as well as the bayside suburbs Sandringham and St Kilda West. 

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Reservoir, Coburg, and Bentleigh East beat out the rest to land as the top selling auction suburbs for February 2021, clearing 44, 37, and 35 auctions respectively, while 11 suburbs at least doubled their auction sales compared to same month in 2020.  

The best improvements on last year are in Sunshine North, Dingley Village, Gladstone Park, Ashwood, Albert Park, Fitzroy North, Doncaster, St Kilda West, Montmorency, Hoppers Crossing, and Templestowe.  

The REIV put the stellar results down to government incentives for first home buyers, mortgage repayment holidays and low interest rates, as well as pent up demand following the COVID-19 enforced lockdowns which saw thousands of auctions cancelled.

 
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There were 17 suburbs which saw a perfect auction run, clearing 100 per cent of its properties at auction

Joel Robinson

Victoria sees highest February auction clearance on record

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There were 1,587 capital city homes taken to auction last week and with 1,311 results collected so far, 84.5% have found buye

It was an improvement on last week’s preliminary clearance rate of 81.9% when volumes were higher (2,473). 

Final figures saw last week’s preliminary clearance rate revised down to 79.3%.

The lower volumes this week can be attributed to the four of the states and territories having a public holiday on Monday, including Melbourne were volumes are down substantially over the week.

There were 477 Melbourne homes auctioned last week, down on the 1,299 last week. 

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Of the results collected so far by CoreLogic, 80.9% were sold results. 

The final clearance rate last week came in at 76.4% and one year ago 66.1% on a lower 418.

In Sydney, 812 homes were taken to auction this week, returning a preliminary auction clearance rate of 86.7%.

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Last week, a higher 844 auctions were held with an 85.3% final clearance rate and one year ago 830 auctions took place and a 75.2% success rate was achieved.

According to preliminary figures, all of the smaller auction markets saw over 80% of auctions successful this week, Canberra returned the highest preliminary figure of 91.5%, followed by Brisbane (82.3%), Perth (81.8%) and Adelaide (81.7%).

Dr Andrew Wilson, chief economist at Archistar, from My Housing Market noted there was an 88 percent weekend success rate for Sydney houses and 82 percent for units.

It was 80 percent for both Melbourne houses and units.
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Of the 1,311 results collected so far, 84.5% were sold as four of the states and territories enjoyed a public holiday on Monday

Long weekend auction results hold firm

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Across the capital cities some 2,094 homes were scheduled for weekend auction, up from 1,496 over the previous week.

Of the 1,754 results collected so far by CoreLogic, 84 per cent have reported a successful result.

The national auction volume sat around 20 percent down over the same time last year, when 2,517 homes were taken to pre-COVID-19 pandemic auction with 72 per cent sold.

"Auction markets are set to be tested on larger volumes next week, with CoreLogic tracking close to 2,500 capital city auctions scheduled to be held," Corelogic’s Tim Lawless noted.

Melbourne was host to 1,061 weekend, auctions, down on this time last year's 1,248 homes. 

Of the 908 results collected so far by CoreLogic, 82 per cent were successful, down from last week’s preliminary clearance rate of 87 per cent, which revised down to 70 per cent at final figures.

In Sydney, 769 homes were taken to auction last week, compared to 963 this time last year. The preliminary clearance rate came in at 88 percent.

"It is likely that Sydney’s final auction clearance rate will come in above 80 per cent for the third consecutive week," Tim Lawless suggested.

Sydney's had the nation's highest declared sale was in Elizabeth Bay, when a freestanding Queen Anne revival-style mansion on 512 sqm sold for $8.5 million. 

The property offered by the bankruptcy trustee last traded for $2.9 million in 2001.

Across the smaller cities, Canberra recorded the highest preliminary clearance rate at 92 per cent, followed by Adelaide at 85 per cent.  

Dr Andrew Wilson, the chief economist at AI property intelligence platform Archistar noted the weekend saw “red-hot auction markets with rampant buyer activity in all capitals showing no sign of easing.”

All capital cities recorded clearance rates well above 80% on Saturday, with Melbourne the exception just failing to reach that benchmark by 0.4%

Saturday’s clearance rates were generally significantly higher than recorded over the same day last year with the exception of Melbourne that was marginally lower.

Dr Wilson noted Sydney’s Lower North, Northern Beaches and Upper North Shore were the top weekend auction regions all recording clearance rates above 90%.

Sydney recorded a median price for houses sold at auction on the weekend of $1,692,500.

At 87 percent, the clearance rate for units was slightly below that reported for houses. The median unit sale was $970,000.

Melbourne recorded a median house auction price of $1,050,000 at the weekend. The median price for units was $687,500.

The clearance rate for Melbourne units was slightly below that reported for houses.
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Auction wrap: What happened under the hammer February 20?

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There were 1,529 homes scheduled for auction across the combined capital cities last week, up from 1,304 over the previous week. 

Of the 1,191 results collected by CoreLogic so far, 86 per cent have reported a successful result, higher than last week’s preliminary auction clearance rate of 83 per cent which revised down to 79 per cent at final figures.

Over the same week last year, 1,596 homes were taken to auction and 73 per cent of reported results were successful. 

“While the preliminary clearance rate came in strong, it’s important to note that as remaining auctions are collected, we will likely collect more withdrawn results, particularly in Melbourne where another lockdown is currently in place, which would lower the final clearance rate,” CoreLogic’s Tim Lawless suggested.

Melbourne was set host to 668 auctions this week, up from 615 over the previous week.. Of the 467 results collected so far, 87 per cent were successful, up from last week’s preliminary clearance rate of 80 per cent, which was revised down to 76 per cent at final figures. 

Preliminary results show that 47.6 per cent of the successful auctions in Melbourne were sold prior, while so far, just 8 per cent have been reported as withdrawn which we expect will increase over the coming days as the remaining results are collected now that the city is back in a stage 4 lockdown which was only announced on early Friday afternoon..

In Sydney, 624 homes were taken to auction, compared to 447 over the previous week and 583 this time last year.

Sydney’s preliminary clearance rate came in at 87 per cent, down from the previous week’s preliminary clearance rate of 89 per cent, which revised down to 84 per cent at final figures. 

The same time last year saw 75 per cent of reported auctions were successful.

Across the smaller cities, Canberra recorded the highest preliminary clearance rate at 91 per cent, followed by Adelaide on 89 per cent, Brisbane at 62 percent and Perth at 42 percent.

Dr Andrew Wilson, chief economist at Archistar noted “home auction markets continued to report record-level results across-the-board at the  weekend as buyers compete fiercely to secure available property."
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Of the 1,191 results collected by CoreLogic so far, 86 per cent have reported a successful result

Auction wrap: What happened under the hammer on February 13?

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Weekend auction markets saw the combined capitals’ preliminary clearance rate edging above 83 per cent, the best ever rolling success rate recorded by CoreLogic. 

It bettered a brief period in May 2015 and before that in September 2009.

Domain reported the Sydney’s auction market had its biggest result in 24 years, as its preliminary clearance rate reached 88.7 per cent on the weekend.

Every capital city recorded above 70 per cent, CoreLogic noted, after 1287 homes were taken to auction, up on the 884 auctions in the prior week. Over the same week last year, 1167 homes were offered across the capitals, returning a 67 per cent success rate.

It was Canberra that secured the highest weekend clearance rate of 92 per cent.

Sydney followed at 89 per cent, then Adelaide’s 82 per cent, Melbourne on 80 per cent, Perth at 75 per cent and Brisbane on a stronger-than-usual 74 per cent.

The nation’s top auction result was a beach house at Avoca Beach on the NSW Central Coast which fetched $7 million through McGrath.
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Every capital city recorded above 70 per cent, CoreLogic noted, after 1287 homes were taken to auction

Sydney's auction market biggest result in 24 years

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GUEST OBSERVER 
Australian dwelling price growth has moderated over October. The latest CoreLogic RP Data figures show that dwelling prices rose by a small 0.2% over the month.  House prices were up by 0.1% and units rose by 0.4%.  Cooling house price growth fits in with other indicators of the housing market which show that the pace of activity is moderating.
A sizeable fall in dwelling prices in Perth over October was offset by rises across the other capital cities. Perth property prices are reflecting the combination of rising supply and vacancy rates at the same time as economic growth is slowing and population growth rate is falling.  
Dwelling price growth looks to be cooling in Sydney while property price growth has remained buoyant in Melbourne despite plenty of additions to the stock of housing. For Melbourne, it’s all been about the lift in house prices as opposed to unit prices.  House prices are running at 15.1%pa in Melbourne compared with 5.5% for apartments. The divergence is unusual and reflects the big lift in high‑rise construction over the past few years which has seen the available stock of apartments lift considerably against the stock of houses.  This trend looks likely to continue given the pipeline of high‑rise construction to come.
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There is nothing in today’s dwelling price data that looks surprising. Recent moves by the ‘big banks’ to lift mortgage rates were always going to have a cooling influence on the housing market. And they have come at a time when vacancy rates and rental yields are both falling and housing supply is lifting. The combination of the aforementioned means that dwelling price growth was always going to slow. 
The question is really a matter of how much price growth will slow and the short answer is that we simply don’t know.  In our view, running models to project dwelling price growth is too fanciful because there are too many moving parts that impact on dwelling prices. 
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One of the more accurate leading indicators of dwelling prices is auction clearance rates. These have been on a downward trend since record high levels mid‑year.  So we expect to see some further moderation in dwelling prices over coming months, particularly given the small lift in mortgage rates which will ease the pace of credit growth, especially to investors.  
One thing which could potentially reignite the housing market over the short run is a near term RBA interest rate cut, possibly as early as tomorrow. Market pricing is putting the odds of a Melbourne Cup day rate cut at around 40% and that looks about right to us.  We have the RBA on hold at 2.0% tomorrow. 
 
We don’t think that policymakers will be too perturbed by the easing in house price growth.  Indeed, they will most likely welcome it.  As recently as two weeks ago the RBA aired concerns around parts of the housing market in its semi‑annual Financial Stability Review.  Last week’s private sector credit data showed a marked lift in business credit growth and an easing in housing credit growth which is exactly what policymakers have been looking for – a lift in business credit growth is a precursor to capital investment.  So it looks like the different parts of the credit space are moving in the directions that policymaker’s desire. 
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Gareth Aird is economist at Commonwealth Bank and can be contacted <a href="https://www.propertyobserver.com.au/https://au.linkedin.com/pub/gareth-aird/14/790/905" target="_blank">here</a>.
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