While auction clearance rates continue to fall across the combined capital cities, it’s a different story in Hobart, where the housing bubble shows no sign of bursting.
There were 2089 auctions across the combined capital cities for the week ending May 20, with a preliminary average clearance rate of 60.3 per cent, according to CoreLogic data.
The preliminary figure is significantly lower than the 73.1 per cent capital cities clearance rate recorded at the same time last year, but up slightly on last week’s final clearance rate of 58.2 per cent, the lowest national clearance rate since December 2015.
There were 24,983 new properties listed across the eight capital cities last week, bring the total number of listings to 112,020, a 4.6 per cent rise compared to 12 months ago.
Hobart’s housing bubble
Hobart remains in the grips of a housing supply crisis, with the volume of properties listed for sale continuing to fall.
There were 366 new properties listed for sale in Hobart last week, bringing the total number of properties for sale to a total of 1060, a 29.2 per cent fall compared to 12 months ago.
The most expensive property to go under the hammer in Tasmania was a four bedroom, three bathroom house at 11 Shepherd Street, Sandy Bay, which was sold for $1.25 million by Knight Frank Hobart.
The property last sold in September 2015 for $901,000.
Sydney’s preliminary auction clearance rate clocked in at 60.8 per cent with 699 auctions in total last week.
Clearances rates were up slightly from last week’s 57.5 per cent, but lower than at the same time last year when there were 1,075 auctions with a clearance rate of 74 per cent.
There were 6718 new properties listed last week, with 26,981 for sale in total, up 23 per cent compared to 12 months ago.
Sydney’s most expensive home last week sold prior to auction, with a six bedroom, four bathroom property at 7 Vivian Street, Bellevue Hill selling for $6.2 million on Monday May 14.
The 683 square metre property last sold in August 2003 for $3.51 million.
Agents Phillips Pantzer Donnelley described the property, which features a resort-style pool and outdoor “dining pavilion”, as a “home of enduring luxury” positioned in an “exclusive enclave”.
In Australia’s largest auction market, Melbourne, there were 7621 new properties listed for sale, brining the total number of properties on the market to 30,935, a 7.5 per cent increase compared to 12 months ago.
Melbourne recorded a preliminary clearance rate of 64.2 per cent from 1028 auctions, compared to the same time last year when there were 1326 auctions with a 77.9 per cent clearance rate.
The most expensive home last week was a luxurious five bedroom, three bathroom property at 56 Kerferd Street, Malvern East, which went for $6.11 million.
Coming in second was ‘Wynate‘, an expansive Edwardian house at 27 Ryeburne Avenue in Hawthorn East, which sold for $5.2 million.
Built circa 1910, the four bedroom home is set on 1,196 square metres, and last sold for $740,000 in May 1991.
Geelong: Victoria’s second city?
Booming beachside metropolis Geelong continues to make a case for itself as Victoria’s second city, riding a wave of record prices and high auction clearance rates.
Geelong once again returned the highest regional auction clearance rate in the country last weekend, with 81.5 per cent of properties sold at auction.
Brisbane continues to be a buyer’s market, with 146 homes going under the hammer for a clearance rate of 40.2 per cent, down from 46.3 per cent at the same time last year.
There were 118 auctions in Adelaide, with an auction clearance rate of 57.5 per cent, compared to 62.9 per cent at the same time last year.
The most expensive sale was a seven bedroom home at 479 Henley Beach Road, Lockleys, which went for $1.55 million.
In Perth, 46 homes were up for auction, with a clearance rate of 24.1 per cent, compared to 35.3 per cent last year.
Perth’s most expensive home last week was a three bedroom property at 2/21 Eric Street, Cottesloe, sold for $3.6 million.
Australia’s capital saw 79 auctions lat week, with a preliminary auction clearance rate of 66.2 per cent, down from 74.4 per cent at the same time last year.