House values fall ahead of winter

NATIONAL property markets went backwards last week, after a sustained period of positive price growth.

NATIONAL property markets went backwards last week, after a sustained period of positive value movement.

Brisbane and Melbourne suffered the worst falls, slipping 0.7 per cent and 0.6 per cent respectively, while Perth fell 0.5 per cent.

Sydney is back to where it was two weeks ago, after dropping the 0.3 per cent that it added in the previous week. Adelaide was the only major capital where values did not move.

However the year so far still remains positive, with Sydney up 5.2 per cent and Melbourne in second place with 4.2 per cent growth. Adelaide (3.8 per cent) and Brisbane (2.3 per cent) are going forward at a more subdued rate, while Perth values have slipped 0.3 per cent for the year, as the WA capital experiences a cooling off phase. Year on year, Sydney values are up 17.1 per cent and Melbourne has grown 9.5 per cent.

TWO houses at 16 Frederick St, Concord were sold as a single property for $1.335 million.

A quiet week for auction markets saw just 1514 held across major cities, for an average clearance rate of 67.4 per cent.

Sydney led the way with a 76.1 per cent clearance rate from 606 auctions, while Melbourne cleared 63.4 per cent of the 706 homes that went under the hammer. Adelaide, Canberra and Brisbane were the other capitals to clear above 50 per cent, though from less than 200 auctions between them.

“Volumes have been lower this week as the market heads into a traditionally quieter time in winter. The higher clearance rate is largely a factor of a stronger Sydney market where a preliminary clearance rate 76.1 per cent was recorded compared to 71.4 per cent last week,” said Robert Larocca, RP Data housing market specialist. “The higher national clearance rate does not represent a significant shift in the market and is broadly in line with the trend this year, particularly with the results prior to Easter and Anzac Day.”

A home at 3 Rockett St, Aspley sold under the hammer for $642,500.

Sydney maintained its long term dominance over the private treaty market, with 1391 house sales for a median price of $725,000; and 730 unit sales for a median of $563,000. Both house and unit medians have slipped slightly however, each down around $15,000 from previous weekly highs.

Buyer activity and bidder numbers were down in Sydney over the weekend, according to Rocky Bartolotto, director of Auction Services.

“We did see a number of results from different regions sell well above expectations,” Mr Bartolotto said. “(We also saw) a number of owners adjust their reserve price, meeting the market and selling on auction day.”

Two homes were sold as one at 16 and 16a Frederick St, Concord, earning the vendors $1.335 million; a handy $85,000 above reserve. Ten registered parties fought it out for the properties on a 600 sqm land block; sold by Chris Georgantonis, Time Realty Five Dock.

A three-bedroom home at 16 Holder St, Turner in The ACT, sold on the weekend for $950,000.

The red-brick home which was marketed through McGrath is on 860sq m. It is in fairly original condition, has a gas fireplace and a sunroom. The bathroom also has inslab heating.

UNDER the hammer for $950,000. 16 Holder St, Turner ACT. Picture: realestate.com.au

In Queensland a home at 3 Rockett St, Aspley sold under the hammer for $642,500.

The two-bedroom house was marketed through Ray White. The home has open plan living areas and a galley-style timber kitchen.

Great views from Rockett St, Aspley.

In Victoria, a five-bedroom home at 43 Woornack Rd, Carnegie sold under the hammer for $1.3 million.

The property was marketed through Biggin & Scott. The renovated and extended period home is on 670sq m.

It has three bathrooms and three toilets, plus a formal lounge and dining room, both with open fire places.

There is a feature pond, barbecue and gardens.