2018 auction season off to a slow start

Melissa Jenkins
(Australian Associated Press)

It’s been a muted start to the year for home auctions, with fewer properties going under the hammer than at the same time in 2017.

Some 779 homes were auctioned in the capital cities last weekend, down from 881 at the same time last year.

The preliminary clearance rate of 67.7 per cent across the capital cities is well below the previous week’s 72.8 per cent, and lower than the 68.8 per cent rate at the same time 12 months ago.

Sydney’s clearance rate was 63.1 per cent, down from 72.3 per cent rate at the same time in 2017, while Melbourne, Brisbane and Canberra’s clearance rates were also down.

It was a brighter start to the year in Adelaide, where the clearance rate of 76.7 per cent was well up on 60.8 per cent a year ago.

The Perth and Tasmanian auction markets also recorded higher clearance rates than at the same time last year, both at 66.7 per cent.

The median price of a home across the capital cities was $598,459 in the week ending February 4, with the highest value in Sydney, at $800,000, followed by Melbourne with $680,000.

In the five major capital cities, the average home value dipped 0.1 per cent, with Sydney posting a fall of 0.2 per cent.

Over the past month the average Sydney home price has reversed 0.9 per cent, while there has been a 0.3 per cent decrease in Perth, 0.2 per cent dip in Melbourne and Adelaide, and a decline of 0.1 per cent in Brisbane.


CAPITAL CITY PRIVATE TREATY MEDIAN PRICES

HOUSES

Sydney – $800,000

Melbourne – $680,000

Canberra – $647,500

Brisbane – $528,000

Darwin – $512,074

Perth – $494,500

Adelaide – $437,500

Hobart – $406,000

Combined capitals – $598,459


UNITS

Sydney – $650,500

Melbourne – $491,000

Canberra – $402,000

Brisbane – $390,000

Perth – $370,000

Hobart – $358,000

Darwin – $355,000

Adelaide – $303,000

Combined capitals – $495,151

Source: CoreLogic Property Market Indicator Summary week ending February February 4, 2018.

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