Boiling weather spilled over into a hot auction market on the weekend

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Feb 13, 2017

Boiling weather spilled over into a hot auction market on the weekend

Auction clearance rates were well ahead of results for the same time last year, according to CoreLogic, indicating that despite volumes almost doubling from the previous week, buyer demand is still red hot.

This property at 69 Mackenzie Street, Hackett in Canberra, sold for $1,246,000 on the weekend. Canberra achieved an auction clearance rate of 80% last week.
Image: McGrath.

A three-bedroom apartment with harbour views at 2202/2 Dind Street, Milsons Point was sold by Nigel Mukhi of McGrath Neutral Bay for $3,775,000.

Nation-wide, the auction clearance rate on the weekend was 76.5%, well up on the 71.8% recorded for the same week last year, according to CoreLogic numbers.

A total of 1,564 properties were scheduled to go under the hammer on the weekend, compared with only 881 the previous week. The almost doubling of supply did nothing to cool red-hot buyer demand.

Sydney's auction clearance rate boiled over to 84.8 per cent on the weekend, while Canberra's clearance rate was a hot 80.0 per cent.

Melbourne's clearance rate was 75.4 per cent down 0.4 per cent from the previous week. Brisbane's clearance rate was down 0.3% from the previous week, and Perth's was down 1.0%.

"It has been strong week for auction activity across the capital cities, with the number of auctions more than doubling compared with last week in Sydney and Melbourne," wrote CoreLogic in its weekly summary.

"Vendors are still very much in the driver’s seat across these markets," CoreLogic said.

McGrath reported an overall clearance rate of 82% from 122 auctions across NSW, Queensland, ACT and Victoria on 11 February.

The company conducted 85 auctions across metro Sydney, achieving an 87% clearance rate.

Chief Auctioneer Scott Kennedy-Green, said McGrath’s company-owned offices in the Eastern Suburbs, Inner West and Northern Beaches of Sydney all achieved 100% clearance rates.

Kennedy-Green said mid-price-range and high-end properties sold particularly well.

“The $750,000 to $1.5 million bracket saw a 94% clearance rate from 48 auctions, and all three properties above $3 million sold,” he said.

A three-bedroom apartment with harbour views at 2202/2 Dind Street, Milsons Point, was sold by Nigel Mukhi of McGrath Neutral Bay for $3,775,000.

Mukhi said the property was at a popular price point for downsizers, and he had eight registered bidders for the 152 square metre apartment.

“This was in a very popular price point for downsizers and there hasn’t been anything around that price range for quite some time in the area,” he said.

Another story of low supply, high demand.