House prices softened during a quiet weekend for auctions

A WEEK shortened by two public holidays saw national property markets remain flat and a fall in capital city home values.

A WEEK shortened by two public holidays saw national property markets remain flat and a 0.2 per cent fall in capital city home values.

Sydney’s seemingly limitless growth has come to an end, after home values fell by 0.3 per cent for the week; although they are still up 5.1 per cent for the year so far and a towering 17 per cent from the corresponding weekend in 2013.

Melbourne values fell 0.6 per cent, but also sit at 5.1 per cent for 2014 and are up 12 per cent year on year. Perth and Adelaide had the strongest weekly growth of 0.6 per cent. Perth remains down 0.6 per cent for the year so far, while Adelaide has had 3.3 per cent growth.

Brisbane’s growth of 0.2 per cent has it sitting 6.3 per cent better than this time last year.

The day after Anzac Day was a subdued Saturday for the auction market, with just 859 taking place around the capitals for an average clearance rate of 64 per cent.

Sydney was the strongest with 344 auctions for a clearance rate of 72 per cent, while Melbourne was next best, recording 63.6 per cent clearance from 369 total auctions. The remaining capitals had 146 auctions between them and fell below 50 per cent clearances in most cases.

Sydney maintained its dominance of the private treaty market, selling 1,950 houses for a median of $754,500 and 948 units at $580,000.

Melbourne’s house median has pushed through the $500,000 barrier, coming in at $518,000 from 1,471 sales. Melbourne is closing the gap on Perth, which has been hovering close to its current $540,000 mark for more than a year. Melbourne units have also closed the gap, with a $425,000 median falling just short of Perth’s $434,900.

The holiday period may have been quieter for listings but there were still plenty of interested buyers around.

A four-bedroom home at 4 Haig St, Mount Pritchard sold for $642,000, beating reserve by $42,000.

A modest three-bedroom home at 67 Stanwell Cres, Ashcroft sold for $460,000 under the hammer — $90,000 above reserve. Twelve registered bidders engaged in a fierce battle for the property, before the day was won by a man in his thirties. The property was sold through Pat Bugge, of LJ Hooker Liverpool.

A three-bedroom home at 67 Stanwell Cres, Ashcroft sold for $460,000 under the hammer — $90,000 above reserve.

In Queensland a home at 98 Beatrice Tce, Ascot sold under the hammer for $1.185 million. There were four registered bidders and three offers had been made on the home before the auction.

The five-bedroom house was marketed through Belle Property. The master bedroom in the two-level home opens out onto a front veranda. The lower level is self contained with two bedrooms, a kitchen and bathroom. There is a swimming pool and a rear deck.

FOUR bidders were vying for this home at 98 Beatrice Tce, Ascot.

In Victoria, a home at 11 Tally Ho Court, Burwood East sold under the hammer for $1.265 million. It has five bedrooms and is within the Carrington Estate. The home is 16-years-old and is close to shopping and public transport. It was marketed through Barry Plant Real Estate.

THE five-bedroom home at Tally Ho Court, sold under the hammer for $1.265 million.

A three-bedroom home at 58 Watson Ave, Rose Park in South Australia sold under the hammer for $1.075 million. It had an initial price guide of $900,000.

The classic villa sits on a 696 sq m parcel of land. It has high ceilings and open fireplaces plus there are solar panels and insulation. It was marketed though Klemich Real Estate.

THE home at 58 Watson Ave, Rose Park well exceeded its price guide.

In one of the few ACT properties to go to auction on the weekend, a four-bedroom house at 17 Pridham St, Farrer sold under the hammer for $562,000.

The house which was marketed through McGrath Real Estate had an initial price guide of over $540,000. The home has a formal lounge and dining room and a double lockup garage.

THE house at 17 Pridham St, Farrer was one of only a few to be auctioned in The ACT on the weekend. Picture: realestate.com.au