It's been another hot spring weekend for property auctions in Melbourne, as the Victorian capital once again saw a strong clearance rate from a high volume of listings.
Around 74.5% of auction stock successfully sold under the hammer in Melbourne from 1,055 listed properties, according to Domain. While this is well down on the 83.7% clearance rate posted in the same weekend of last year, it's nevertheless another strong spring result.
Domain reports a true test of Melbourne's market resilience will come next weekend, when around 1700 properties are slated to go under the hammer – a new all-time record for Saturday auctions.
Sydney's clearance rate continues to track lower than Melbourne's, although this weekend it did surpass 70% for the first time in over a month, hitting 70.4% from 663 listed auctions.
A well-known Melbourne architect had a doozy of a weekend when his 3br Parkville house sold for $1.8m above reserve at $5.6m, the most expensive disclosed auction sale for the week. The circa-1880s property had been thoroughly renovated to include a 12m-long wine cellar, and had last sold in 2002 for $965,000.
At the other end of the market, a 1br unit with car space in Ormond offering a potential weekly rental return of $270 sold prior to auction for $273,000.
Melbourne posted a weekend auction median of $885,000 according to Domain, creeping ever closer towards the $900,000 mark. A 4br, 982sqm house in Eltham in Melbourne's outer north-east sold for this price.
Domain reports the north-east was Melbourne's most successful sub-region for auction sales, posting a clearance rate of 83.3%.
Although Sydney has fallen behind Melbourne for both auction activity and overall value growth, affordability constraints remain firmly in place. Last week, Domain noted there are no suburbs left anywhere in the Sydney metro area with a median below $500,000. Around 160 suburbs had a sub-$500,000 median as recently as five years ago.
Sydney's auction median price is also still significantly higher than Melbourne's, hitting $1,292,500 over the weekend. A renovated 3br, 550sqm double brick house in Jannali in the city's south sold under the hammer for $1.285m.
The southern suburbs was also the site of Sydney's most expensive disclosed auction sale for the weekend. An absolute waterfront 3br, 974sqm house in Burraneer with private jetty and pontoon fetched $5.02m.
In the popular eastern suburb of Paddington, a second-floor studio with no parking sold prior to auction for $400,000, Sydney's most affordable reported sale.