Sydney and Melbourne both recorded 71.7% auction clearance rates at the weekend, according to the latest CoreLogic figures.
More than 3,000 homes were auctioned across Australia’s capital cities in the week ending 25 February, with 70.5% clearing nationally. Last week, 1,992 auctions were held across the capitals with a 66.1% clearance rate.
The Northern Beaches was the strongest performing region in Sydney, while the North East was the most successful in Melbourne.
Sydney supply increases, prices down
1,221 homes were taken to auction in Sydney, 11 more than the same time a year ago, according to CoreLogic. There are 21.6% more properties listed on the market than the same time a year ago, while home values have decreased by 1.4% in the year to date.
The Eastern Suburbs saw the most action with 239 auctions taking place, 77.5% of which were cleared. The Northern Beaches had the highest clearance rate of 80.9%.
In Lavender Bay, a waterfront apartment with views of the Harbour Bridge and Luna Park sold for $3.85m, as reported by Domain.
A four-storey house in Bronte with ocean views sold prior to auction for $7.5m. It last sold in 2011 for $3.75m.
Merrylands in Sydney’s west saw the city’s cheapest sale where a one-bedroom, ground-floor apartment sold for $371,000.
The median price was $1.275m according to Domain. Three properties sold for this amount: a three-bedroom home in Berala, in Sydney’s South West; a four-bedroom home in Castle Hill, in Sydney’s North West; and a two-bedroom home in Erskineville, in the Inner West.
Melbourne values slow, still up over the year
Across Melbourne, 1,610 auctions were held, 25 less than the same time period last year, according to CoreLogic.
Home values have decreased by 0.3% in the year to date, but are still well up over the past 12 months, increasing 6.9% according to CoreLogic. This is much higher than the average 2% increase across the combined capital cities.
Inner Melbourne had the highest number of auctions with 294 held, while the North East was the most successful with 77.3% of its auctions clearing.
A six-bedroom house in Middle Park sold for $5.575m, according to Domain, and featured high ceilings, marble benchtops and a heated pool.
In Flemington, a one-bedroom ground-floor apartment sold for $272,000.
Melbourne’s median price was $605,000 according to Domain, which bought a three-bedroom house at Hillside.