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Election fever no deterrent to Sydney auctions

Election fever no deterrent to Sydney auctions

Sydney and Melbourne both recorded healthy auction clearance rates last week despite Saturday's federal election.

The start of school holidays and possibility of missing out on a post-federal election sausage sizzle didn’t deter would-be auction buyers on Saturday, with Sydney and Melbourne both recording healthy clearance rates.

Total auction listings for the election week were, however, substantially down in Sydney (341) and Melbourne (268) from the week prior. All other capital cities also reported fewer week-on-week auctions.

Sydney highlights

According to CoreLogic, Sydney’s clearance rate results continue to outperform Melbourne, holding strong at 80% up from 73.5% last week.

The most expensive disclosed auction sale was a contemporary, six-bedroom house in Strathfield. Set on a 746.1 square metre block, the double-brick property with an impressive cedar entrance went for $4.29 million – $290,000 above reserve.

Sydney saw 133 properties sold at auction, 42 passed in and 80 sold prior, with North Sydney and Hornsby the busiest suburbs for auction activity. Also in the north shore, a three-bedroom Lane Cove townhouse in a private complex sold under the hammer for $280,000 above the reserve at $1.7m.  

Down south, the prospect of beachside living tempted one buyer to bid $2.1m on a 3br apartment in one of Cronulla’s ocean-side boutique complexes.

By contrast, the most affordable apartment sale was in Liverpool, where a 2br unit with double lock-up garage went for $420,000. And a newly renovated 3br single-level brick home in the outer south-western suburb of Minto was Sydney’s most affordable auctioned house, selling for $486,000.

Melbourne highlights

There were 268 auctions held in the auction capital, well down from 1,029 the previous week. Preliminary clearance rate results from CoreLogic show a 71.6% clearance rate, up from 67.3% last week.

Melbourne saw 120 properties sold at auction, 55 passed in and 28 sold prior, with the inner south sub-region recording a 100% clearance rate.

The most expensive disclosed sale was in the dress circle suburb of Middle Park, where a triple-fronted, 3br double-brick period property circa 1930 fetched $2.65m at auction.  

Other notable sales were a 5br family home on a generous 3472sqm block in Donvale in Melbourne’s east that went for $2.4m, and a 3br Edwardian weatherboard property in Brighton that sold for $2.036m.

A third-floor, 1br corner apartment in Kensington was Melbourne’s most affordable auction property, selling for $325,000 on Saturday.

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. Past performance is not an indication of future performance.