More than one in three dwellings remained unsold at auction this weekend, with the weekly clearance rate across the combined capital cities down from 74.6% at the same time last year, according to the latest CoreLogic data.
2,980 homes were auctioned in the week ending 4 March, 2018, returning a preliminary clearance rate of 65.9%. More than half of these were held in Melbourne, where the Inner and North West sub-regions listed the strongest results.
Melbourne’s clearance rate was 67.3% according to CoreLogic.
Domain recorded the median price as $880,000. This bought 5-bedroom homes in Chirnside Park and Wantima, a 3-bedroom townhouse in Seddon and 3-bedroom houses in Forest Hill and Mulgrave.
At the lower end of the market, 1-bedroom units could be found for less than $300,000 with sales in West Footscray for $260,000, St Kilda for $275,000 and Coburg for $295,000, respectively. In Campbellfield, a 2-bedroom townhouse sold for $250,000. A 3-bedroom home sold for $391,000 in Sunbury and another sold for $407,500 in Broadmeadows.
At the higher end of the market, three properties sold for more than $4m: a 5-bedroom home in Hawthorn East reached $4,360,000, a 6-bedroom home in Malvern East reached $4,700,000 and a 4-bedroom home in Williamstown reached $4,750,000.
There were more properties listed for sale, including private listings, in Melbourne than any other city - 30,675 homes, representing an increase of 6.1% on the same time last year. Home values have increased by 6.5% in the same time period.
Sydney’s clearance rate was 66.9%, CoreLogic reported. In the sub-regions of Sydney data, the Eastern Suburbs reported the highest clearance rate of 77.5%, with total auctions at 175 and CoreLogic reporting auction results at 142.
The cheapest properties were found well outside of the CBD in Sydney’s western suburbs. A 3-bedroom house sold in Werrington Downs for $546,000, a 3-bedroom unit sold in Westmead for $621,000 and a 4-bedroom house sold in Doonside for $673,500.
Two properties sold for more than $7m - a 4-bedroom house in Longueville reached $7,410,000 and another in Mosman reached $7,200,000.
There were 26,656 homes listed for sale in Sydney, including private listings, representing more than 27.4% more than this time 12 months ago, according to Corelogic. In that time, home values have decreased by 0.8%, and are down 1.5% in the year to date.