Auction Market Activity

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<div>EXPERT OBSERVER</div>
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<div>Very cagey auction activity in Sydney, with a preliminary clearance rate of only 44.5 per cent (more like somewhere in the thirties come final). </div>
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<div>The median auction price of a sold house was well down from a year earlier at $1,285,000, reflecting reduced borrowing capacity (mainly for investors rather than homebuyers). </div>
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<div>For units the median price of property sold at auction was up from $900,000 a year earlier to $940,250.  </div>
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<div>But still very muted activity levels overall.<br><br>
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<br><div>Melbourne's clearance rate is also now well under 50 per cent. </div>
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<div><strong><span style="text-decoration: underline;">ALP in the ascendancy</span></strong></div>
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<div>With the Coalition roundly punished by the electorate in the Wentworth by-election for their machinations and tanking to a minority government in the process, property market participants will need to weigh up the potential impacts of changes to negative gearing legislation.</div>
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<div>I'll post an online workshop on this very subject this week, so keep an eye out for that. </div>
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<div><strong><span style="text-decoration: underline;">Tightening</span></strong></div>
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<div>Thanks for the thousand or so Tweets, messages, and pingbacks about record underutilisation and the like - a pleasure as always! </div>
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<div>Yes, it's a problem.</div>
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<div>No, it's not been getting worse.</div>
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<div>Volume measures - reported quarterly on an original basis - have consistently improved year-on-year since 2014...through 2015, 2016, 2017, and 2018 year-to-date.</div>
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<div>All publicly available information from the ABS:</div>
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<div>Yes, there is more work to be done (literally so in this case!).</div>
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<div>The Reserve Bank has noted the same patterns, but still believes that the unemployment rate is the key measure, and that's at the lowest level since 2012.</div>
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<div>No, this won't be reported in left-leaning media<em>, </em>nor for that matter whichever 'recession' blogs you may care to mention.<br><br><em>C'est tout. </em>
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<div>Cheers!<br><br>Very low preliminary auction clearance rates this weekend, under 50 per cent for Melbourne, and just 44 per cent for Sydney.<br><br>It'll be a long, slow run into Christmas from here this year. </div>
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pwargent-M4siyDbqQY

Auctions fizzle out for 2018

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<p class="post-title entry-title">EXPERT OBSERVER</p>
<p class="post-title entry-title">Reduced lending flows continue to stymie property purchases, auction volumes, new car sales, and stamp duty and transfer receipts.</p>
<p class="post-title entry-title">Total annual duty transfer receipts have been holding up due to some large non-residential transactions and off-the-plan settlements from the death throes of the apartment construction cycle.</p>
<div>But both the residential receipts and the leading indicators are now heading to Hades at warp speed, with the most timely available figures suggesting that transaction levels for established property will be at cyclical lows soon enough, if they're not there already. </div>
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<div class="separator">The New South Wales economy has been tracking very well in recent times. </div>
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<div>But the key leading indicators are weakening by the month.</div>
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<div>Building permits and dwelling starts are dropping away, and money growth is at quarter-century lows.</div>
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The auction strangler: Pete Wargent

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<p>A total of 20,653 homes went under the hammer across Australia’s combined capital cities in the three months to September 2018 - the lowest volume of auctions recorded in a quarter since the March 2017 quarter.</p>
<p>In the March 2017 quarter 19,241 homes went to auction, according to CoreLogic data.</p>
<p>The September 2018 quarter was down from 25,824 homes auctioned over the previous June quarter, and much lower compared to the 27,953 homes that went to auction in 2017’s September Quarter although there was an extra weekend of auctions which would account for some of the difference.</p>
<p>The combined capital city clearance rate fell to 53.6% over the quarter, down - 4.2% from the previous quarter; making it the lowest quarterly clearance result since December 2012 (50.9%).</p>
<p>CoreLogic analysts noted: "Perth saw the largest increase in clearance rates over the quarter, up 5.7%, followed by Adelaide with a modest 0.1% improvement.</p>
<p>"All other capitals saw the clearance rate drop, with Tasmania recording the largest quarterly fall (down -7.1%), although low volumes in Tasmania means the clearance rate can be volatile.</p>
<p>"Canberra fell -6.6%, followed by Sydney (-5.1%) and Melbourne (-4.6%), while Brisbane showed little change over the quarter (-0.1%)."</p>
<p>The highest clearance rate was recorded over the week ending 22nd July (57.0% across 1,257 auctions), while the lowest clearance rate was recorded over the week ending 30th September (45.8% across 895 auctions).  </p>
<p><strong>Auction market review highlights:</strong></p>
<p><strong>Capital city auction clearance rate &amp; volumes</strong></p>
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<td>Sydney</td>
<td>50.9%</td>
<td>7,497 auctions</td>
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<td>Melbourne</td>
<td>56.6%</td>
<td>9.629 auctions</td>
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<td>Brisbane</td>
<td>42.7%</td>
<td>1,401 auctions</td>
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<td>Adelaide</td>
<td>60.7%</td>
<td>947 auctions</td>
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<td>Perth</td>
<td>36.9%</td>
<td>322 auctions</td>
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<td>Tasmania</td>
<td>50.0%</td>
<td>39 auctions</td>
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<td>Canberra</td>
<td>60.3%</td>
<td>818 auctions</td>
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<td>Combined capitals </td>
<td>53.6%</td>
<td>20,653 auctions</td>
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<li>Highest number of auctions for the quarter across capital city suburbs</li>
<li>Based on total auctions held across the suburb over the reporting period</li>
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<td>Melbourne </td>
<td>Reservoir</td>
<td>175</td>
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<td>Sydney</td>
<td>Randwick</td>
<td>99</td>
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<td>Brisbane</td>
<td>Sunnybank Hills</td>
<td>46</td>
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<td>Canberra</td>
<td>Ngunnawal</td>
<td>30</td>
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<td>Adelaide</td>
<td>Prospect</td>
<td>18</td>
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<td>Perth</td>
<td>Fremantle</td>
<td>8</td>
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<li>Highest clearance rate for the quarter by capital city suburbs</li>
<li>Clearance rates are calculated when there has been at least 20 auction results reported over the period</li>
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<td>Canberra</td>
<td>Narrabundah 85.7% (captured results: 21, scheduled auctions: 26, number sold: 18)</td>
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<td>Melbourne</td>
<td>Wheelers Hill 81.4% (captured results: 43, scheduled auctions: 48, number sold: 35)</td>
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<td> Sydney</td>
<td> Bondi 80.6% (captured results: 31, scheduled auctions: 41, number sold: 25)</td>
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<td> Brisbane</td>
<td> Calamvale 47.8% (captured results: 23, scheduled auctions: 23, number sold: 11)</td>
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<p>Across the non-capital city markets, auction volumes fell across all five regions over the September quarter when compared to both the previous quarter and the same time last year.</p>
<p>Clearance rates have fallen over the quarter for the Sunshine Coast (-2.2%) and Geelong (-1.6%), while the Hunter, Wollongong and Gold Coast regions have all seen some improvement when compared to the previous quarter.</p>
<p>Geelong was once again the top performer for clearance rates with a 68.6% success rate across 402 auctions, while the Gold Coast hosted the most auctions over the three months to September 2018 (597).</p>
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Perth auctions notch largest increase in quarterly clearance rate: CoreLogic

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<p>Based on preliminary results over the week ending 16 September, 80.8 percent of commercial auction results cleared, according to CoreLogic's latest market report.</p>
<p>A total of 26 results have been reported so far, down from 46 last week when half of all reported auctions were sold. One year ago, 107 commercial auction results were reported and 56.1 per cent were sold.</p>
<p>A total of 188 commercial auction results have been reported over the four weeks ending 16 September, with 112 sales. Of these 112 sales, 79 were reported with a sale price, totalling just over $162.3 million.</p>
<p><a href="/images/2016/09/23/Auction%20Clearance%20Graph.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/23/Auction%20Clearance%20Graph.jpg" alt=""></p>
<p>The table below indicates National Auction Clearance Rate figures.</p>
<p><a href="/images/2016/09/23/Auction%20Clearance%20Table.jpg" target="_blank">Click to enlarge</a></p>
<p><img src="/images/2016/09/23/Auction%20Clearance%20Table.jpg" alt=""></p>
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Commercial auction clearance rates above 80 percent: CoreLogic

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<p>Port Macquarie in New South Wales is set to be the busiest weekend auction suburb, according to CoreLogic.</p>
<p>The suburb nearly 400 kilometres has 25 dwellings set to go under the hammer.</p>
<p>It's followed by a busy Melbourne, where Richmond has 23 scheduled auctions and Camberwell 22.</p>
<p>Melbourne will be the busiest state capital with over 1,500 auctions slated.</p>
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<p><span>The Victorian capital is set to see a significant increase in activity this week after last week saw volumes fall across the city. There are expected to be over the 450 more auctions last week. </span></p>
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<p><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/3/15/auctions.jpg" alt=""></p>
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<p><span>Auction activity is set to increase this week across the combined capital cities, with 2,832 properties </span><span>scheduled to go to auction, up from last week’s final </span><span>result of 1,764 auctions held. </span></p>
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<p><span>The number of homes expected to go to auction this week is lower than volumes from over the corresponding week last year, when 2,916 auctions were held.</span></p>
<p><span>One of the priciest homes to go under the hammer in Port Macquarie is a grand family home near Ascot Park (top)</span></p>
<p>The near new home on Black Caviar Parade has a guide of $780,000 to $840,000. </p>
<p>It has four bedrooms, two bathrooms, a study and a swimming pool on its 615 sqm parcel.</p>
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jrobinson-rf4aSBido9

Melbourne gets busy again but Port Macquarie auction activity the highest: CoreLogic's auction preview 

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<p>For the first time since GFC, Sydney's auction clearance rate has fallen below 40%, according to Domain.</p>
<p>They found Sydney had a revised clearance rate of just 39.4% on 403 reported auctions of the week ending October 20, 2018.</p>
<p>Only <span>$170 million dollars worth of property sold compared to the same period last year when <span>$484 million worth of property sold</span>.</span></p>
<p><span><span>There is still 9.3% unreported.</span></span></p>
<p><span>Click here <a href="https://www.propertyobserver.com.au/images/2018/10/29/Domain%20Auction.JPG" target="_blank">to enlarge.</a></span></p>
<p><img src="https://www.urban.com.au/images/2018/10/29/Domain%20Auction.JPG" alt=""></p>
<p>The consistent recent deterioration had market watchers anticipate auction clearance rates dipping into the 30s. </p>
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<p>SQM's Louis Christopher recently noted three previous times when Sydney auction clearance rates sunk into the 30s.</p>
<p>"That was in October/November 2008 during the GFC, May 2004 after the NSW vendor stamp duty was introduced and July 1989 when the cash rate hit 17 percent."</p>
<p>Melbourne's revised clearance rate was also very low last week at 44.4%.</p>
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<p><img src="https://www.urban.com.au/images/2018/10/29/Darlin.JPG" alt=""></p>
<p>The most expensive sale at auction in Sydney last weekend was <a href="https://www.realestate.com.au/sold/property-house-nsw-darling+point-129472518" target="_blank">13 Etham Avenue, Darling Point</a> (pictured above) which sold after auction for $5 million.</p>
<p>The five bedroom three bathroom home set on a 486 sqm parcel was held by the same family for over 60 years.</p>
<p><span>“We were quoting $5 million, the reserve was $5 million and it sold for $5 million,” selling agent Ben Collier at The Agency said.</span></p>
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Sydney clearance rates dipped into the 30's for the first time since the GFC

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<p>Given Melbourne's Moomba long weekend, all of the busiest suburbs for weekend auctions are in NSW with Lane Cove topping the list with 12 homes set to go under the hammer.</p>
<p>It is followed closely by Neutral Bay and Randwick, each with 11 auctions.</p>
<p>There are a total of 1,130 homes scheduled for auction across the combined capital cities, down almost 50% on last week’s final results which saw a total of 2,201 auctions held. </p>
<p><img src="https://www.urban.com.au/images/2019/3/7/Auction%20stats.JPG" alt=""></p>
<p>The lower activity this week is a likely result of half of the auction markets welcoming a long weekend, with Melbourne, Canberra, Adelaide and Tasmania all host to a public holiday this coming Monday.</p>
<p>Notably the biggest decrease in activity is expected to be across Melbourne, with only 199 homes scheduled for auction this week, down by 80.8% on last week when 1,039 auctions were held.</p>
<p>The number of auctions scheduled across Sydney will also see a fall to a lesser degree, with 669 scheduled auctions this week, decreasing from the 801 auctions held last week.</p>
<p>Perth is expected to be the only capital city auction market to see a rise in volumes week-on-week.</p>
<p>One example of the busy auction week in Lane Cove is <a href="https://www.realestate.com.au/property-apartment-nsw-lane+cove-130508598" target="_blank">503/17 Finlayson Street</a> (pictured top).</p>
<p>The one bedroom one bathroom apartment comes with a price guide of $700,000 to $770,000.</p>
<p>Lloyd Allen and Justine Collins of Allen Estate Agents hold the listing.</p>
<p><img src="https://www.urban.com.au/images/2019/3/7/Lane%20cove%202.JPG" alt=""></p>
<p>Another example of the volume of auctions in Lane Cove this week is <a href="https://www.realestate.com.au/property-apartment-nsw-lane+cove-130385674" target="_blank">5/19 Murray Street</a> (pictured above).</p>
<p>The two bedroom one bathroom apartment comes with a price guide of $680,000.</p>
<p>Set on 92 square metres, the unit is positioned on the top floor</p>
<p><img src="https://www.urban.com.au/images/2019/3/7/Lane%20cove%203.JPG" alt=""></p>
<p>A third showcase of the properties going to auction is <a href="https://www.realestate.com.au/property-house-nsw-lane+cove-130355494" target="_blank">5 Cogan Place, Lane Cove</a> (pictured above).</p>
<p>The four bedroom bathroom house comes with no price guide.</p>
<p>It is described as a state-of-the-art family luxury by James Bennett and Baxter van Heyst of Belle Property who hold the listing.</p>
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Lane Cove the busiest auction suburb as public holiday hits volume levels

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<p>With much the nation having the long weekend public holiday, auction activity across the combined capital cities is set to be subdued this weekend. </p>
<p>Amid the limited listings, some agents succeeded in selling before auction, including <a href="https://www.realestate.com.au/property-house-nsw-riverview-134313290">112 Riverview Street</a>, Riverview.</p>
<p>Belle Property’s Simon Harrison sold the property, which last traded in 2005 for $580,000.</p>
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<p><span>There are 719 capital city homes scheduled for auction this week, according to CoreLogic, down on the 1,082 auctions held last week and lower than the 1,324 last year.</span></p>
<p><span>Across the individual cities, scheduled volumes are set to be lower over the week across all but Perth and Melbourne. However, for both cities the rise is across already extremely low volumes.</span></p>
<p><span>Sydney makes up more than half of the overall scheduled auction volumes, with 473 homes scheduled, off the back the busiest week the city had seen since early April last week (812).</span></p>
<p><span>Melbourne volumes are higher over the week but the city continues to see some of the lowest levels of activity recorded. There are 77 Melbourne homes scheduled for auction, up from 40 last week.</span></p>
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<p>According to Ray White, the Melbourne property deep freeze is over, with numbers set to soar in the coming weeks.</p>
<p>News of eased restrictions has already inspired buyers to list their properties with already 26 Melbourne Ray White auctions scheduled for this week, compared to last week’s four.</p>
<p>The national Ray White Group recorded a 70 per cent Sydney clearance rate last weekend, one of the highest in six months.</p>
<p>An offering in East Ryde, marketed by Ray White’s Barrie Brown, is expected to do well this weekend.</p>
<p>Situated at <a href="https://ecomms.raywhite.com/collect/click.aspx?u=d2QwOW9DWld4TzJhNXgyRWZuQ1hRV1ZETUk5QXRjTUlDWTdNZGNXdmZQdTdZNjAzL2hzYjNsb04xZG1QRGtHRlhoZ2ozbFVLZUQ4ZmJTTkpIMUwvSU5iTnkwUG9ETHBQR0VxUlJZUEUyWjA4UloyVTVQbnVjdXJidExBN05oQXo3M3ZoZG04UENSNVp6THc5a0xkcDErL3EzYVhuMXRYdnROaFZ1SVh0Nkk4PQ==&amp;rh=ff006a241e9e53799580abbb0c4cb9afb1ccc258">2 Rodney St</a>, the three-bedroom home is listed with a price guide sitting at $1.6 million.</p>
<p>"There have mainly been young couples coming to inspections which fits the suburb’s core demographic,” Mr Brown said.</p>
<p>In Queensland near beachside homes are listed for auction this weekend.</p>
<p>A four-bedroom, four-bathroom Mermaid Beach residence.</p>
<p>The tri-level home, located at <a href="https://www.realestate.com.au/property-house-qld-mermaid+beach-134386122">34 Dudley Street</a>, was designed by architect John Campbell and features floor to ceiling windows, an alfresco area and light-filled interiors.</p>
<p><span>Over the same week one year ago,<span> 1,324 homes were taken to auction across the combined capital cities returning a final auction clearance rate of 67.6 per cent, according to CoreLogic. </span></span></p>
<p><span><span>In Sydney last year, just 317 homes went to auction across the city on the week of the long weekend. </span></span></p>
<p><span><span>In comparison, 950 homes were taken to auction over the previous week.</span><br></span></p>
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