The Australian Capital Territory took out first prize for the highest preliminary clearance rate of 78.6 per cent, according to CoreLogic.

Disruptions to the auction timetable in Victoria due to COVID-19 restrictions has skewed the combined figures to come in with a clearance rate of 33.3 per cent, with Perth below them with 26.7 per cent.

At a Glance:

• The ACT had the highest clearance rate with 78.6 per cent
• Melbourne and Perth came in last with clearance rates of 33.3 per cent and 26.7 per cent respectively
• There were 882 homes taken to auction over the week, down from 1,128 over the previous week

Queensland

Brisbane's preliminary auction clearance rate of 60 per cent equated to 64 auctions where 30 were cleared.

One major sale that took place at auction was 36A Oxlade Drive, New Farm through agent Matt Lancashire of Ray White New Farm for $8 million, which equates to $10,900 per square metre.

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36A Oxlade Drive, New Farm sold for $8 million over the weekend through agent Matt Lancashire of Ray White New Farm

The property was the highest sale for the day across the Ray White Group nationally.

The property is a 4 bedroom deceased estate on a 835sqm block of land with direct views of the Brisbane River.

There was plenty of activity at the auction with 11 registered bidders and an opening bid of $5 million.

While there was a pause at $7.5 million, negotiations finished at $8 million where it was advised the property was on the market and then sold at the negotiated price.

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Set on a rare 1499sqm block, 25 Tamarang Street, Tarragindi is only 8km to Brisbane's CBD and has lush bushland views to the west from its hilltop position.

It sold for $1,075,000 at auction, which was above the price expectation.

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25 Tamarang Street, Tarragindi sold above expectations through agent Karen Simons of Place Graceville. Photo: Place

"The property was very well received being on a 1500sqm block and at the foothills of the Toohey State Forest," said Place agent Karen Simons to WILLIAMS MEDIA.

"It attracted people who like a natural setting and a unique type of property, as well as developers who like the large block.

"We had about 60-70 people through for inspection."

Ms Simons said on auction day there were four registered bidders.

"We also had 2 offers prior, but the couple that eventually bought it were local people looking to buy something in a natural setting," said Ms Simons.

"They are keen to maintain the trees and flora and fauna around them.

"The vendor had owned the house for 28 years, so it was a very emotional sale."

New South Wales

Sydney was host to 625 auctions this week, down from 706 last week and 528 this time last year.

Of the 491 auction results collected so far, 69.5 per cent were successful, down from last week’s preliminary result of 74.0 per cent which revised down to 64.2 per cent at final results.

This time last year, Sydney recorded a final auction clearance rate of 75.7 per cent.

In NSW Andrew and Brielle Economos have sold their property at 35A Osborne Road, Burradoo for $3,035,000.

The Economos bought the half acre block at the rear of 35 Osborne Road.

They built a new five-bedroom house they named “Sonoma” on the level site last year and moved their young family in.

The family realised during the Covid-19 lockdown the site was too small for their five children and have since bought a worst-house-best-street property on double the land size nearby.

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35A Osborne Road, Burradoo sold for $3,035,000 through McGrath Bowral agent Dianna Reiche. Photo: McGrath

They intend to gut the house, extend and rebuild. 

The buyers of Sonoma are Darling Point-based buyers who will use the property as a weekender.

McGrath Bowral selling agent Dianna Reiche said the Southern Highlands market is brilliant.

“We have a lot of buyers and not enough listings," said Ms Reiche to WILLIAMS MEDIA.

"I’m 30 per cent down on listings and 50 per cent up on buyers.

‘All our buyers are from Sydney.

"They’re wanting a mix of weekenders and permanent homes.

"Many want to access the village country atmosphere and the quality schools.”

Victoria

Auction activity came to a virtual halt in Melbourne this week with just 28 homes taken to auction.

The lower activity is not overly surprising given the city has been in stage 4 lockdown for the past 5 weeks, meaning both onsite auctions and private inspections are currently banned in Melbourne.

Of the 24 results collected so far, just 33.3 per cent were successful, with all but one sold prior to the auction event.

Two thirds of Melbourne auctions were withdrawn this week, skewing the clearance rate lower.

Over the previous week, 162 auctions were held across the city, while this time last year, 765 Melbourne homes were taken to auction.

The REIV has slammed the Andrews’ Government’s decision to effectively keep the property market shut down for an uncertain period.

The continuation of the ban on inspections means that people who desperately need to buy or lease a property will have to make that decision ‘sight unseen’.

“We are talking about shelter and making the biggest financial commitment for your lifetime," said REIV president Leah Calnan.

"The government is turning a blind eye to the significance of a property decision in people’s lives.

“The delay in allowing private inspections means that many people will be unable to make the move they so desperately have to make or commit to a property without seeing it first."

Before the introduction of Stage 4 restrictions, people could visit a property one-on-one with the agent.  

Private inspections were done with all safety measures including requirements for surface cleaning, gloves, masks, and contact details and are 100% supervised.  

REIV Members took these extensive precautions long before they were recommended by government 

South Australia

Adelaide recorded the second highest preliminary clearance rate of 69.0 per cent across 42 results.

In South Australia Grant Giordano of South Australia Sotheby's International Realty has sold 29 Nations Ridge Road, Aldgate, a masterpiece on approximately 2 acres.

"It sold for $2.3 million via private treaty to an international Youtube personality," said Mr Giordano to WILLIAMS MEDIA.

"It is a stunning hills residence highlighting the affordability of a lifestyle often sought but seldom found.

"For Aldgate, which is historically a rural area, the result is a very good price."

The substantial home has 5 bedrooms, 3 bathrooms and is entered from the manicured formal courtyard accentuated by an elegant central water fountain.

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29 Nations Ridge Road, Aldgate sold through agent Grant Giordano of South Australia Sotheby's International Realty. Photo: Sotheby's

Western Australia

In Perth, the lowest preliminary clearance rate of 26.7 per cent was experienced out of all the capital cities.

There were 20 auctions with 4 clearing.

Australian Capital Territory

Canberra recorded the highest preliminary clearance rate of 78.6 per cent, across 70 auction results.

Tasmania

Tasmania had only 4 auctions that saw 3 sold.

Auction summary

CoreLogic has reported the combined capital city preliminary auction clearance rate was down only slightly across a lower volume of auctions.

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Source: CoreLogic

There were 882 homes taken to auction over the week, down from 1,128 over the previous week and 1,533 this time last year.

Of the 696 results collected so far, 67.5 per cent were successful, slightly lower than last week’s preliminary figure of 67.7 per cent which later revised down to 59.8 per cent at final collection. 

Over the same week last year, a final clearance rate of 72.3 per cent was reported across the combined capitals.

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Source: Corelogic

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