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Auction clearance rate down in Melbourne

Auction clearance rate down in Melbourne

Melbourne’s auction clearance rate slipped below 70% last week as volume numbers started to return to normal following the Easter weekend slowdown.

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.

Sydney highlights

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.

Melbourne highlights

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.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.