Sixty-eight per cent of Melbourne auctions successfully cleared last week from more than 500 reported auctions, according to preliminary figures from CoreLogic RP Data.
The Sydney market saw a little more success, with close to 71% of auctions clearing from 525 properties slated to go under the hammer.
It was the second week in a row in which Sydney held more property auctions than Melbourne, although listings in the latter are expected to climb in the lead-up to the Anzac Day long weekend later this month.
In Paddington in Sydney's inner east, a circa 1900 terrace with no parking, described in the collateral as a "tired, old" property, sold at auction for $1.4m. The dilapidated, unlivable property sits on 143 square metres of land, which works out to roughly $10,000 per square metre of land.
At the top end of the auction market, a 5br Mosman home just 250m from Balmoral Beach fetched $5.18m, the highest disclosed sale price for the week.
In Carramar in Sydney's south-west, a 2br unit with parking sold for $264,000, Sydney's most affordable disclosed sale.
Australian Property Monitors (APM) reports the city's weekly auction median was $1.22m. A 3br, 414sqm brick house in Abbotsford sold for this price.
Sydney continues to see wide variation in its auction clearance rates across different parts of the city. While more than 94% of listings successfully cleared in the city and inner south sub-regions, only 28% of auctions cleared in Parramatta.
A suburb price record was set in Altona, on the western side of Port Phillip Bay, when a waterfront 1960s original condition property fetched $2.25m at auction – more than three times the suburb's median house price. The 5br, 696sqm corner block house in need of renovation was purchased by a local family.
In Prahran, a 4br, 446sqm freestanding Edwardian property sold under the hammer on Saturday for $2.415m – Melbourne's highest disclosed auction sale price for the week.
Also in Prahran, a 2br apartment with parking in a block of 12 fetched $620,000. Melbourne's auction median price for the week was $622,500, according to APM figures.
At the lower end of the scale, a 1br Elwood apartment sold for $235,000, Melbourne's most affordable disclosed auction sale price.