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Melbourne and Sydney auction results

Melbourne and Sydney auction results

Melbourne posted another healthy week of property auction sales, while Sydney bounced back with its highest clearance rate in a month.

A multi-million dollar sale in one of Melbourne's most prestigious suburbs was the jewel in the city's auction market crown last week.

The 5br, 553sqm freestanding double-fronted Edwardian residence in Middle Park fetched $6.4m at auction, which was the highest disclosed sale for the week in both Melbourne and nationally. 

Melbourne posted another decent week for successful auction activity, with Domain reporting a preliminary clearance rate of just over 73%. This was down from the previous week's 74.8% and well down on the 78.4% recorded in the same week of last year, however auction volume numbers were up to 927 listed auctions.

As the market moves into the busy spring season, Domain is expecting more than 1,000 Melbourne homes to go under the hammer this week.

Sydney also had a good week for auctions, with a preliminary clearance rate also around 73%, a big jump from the previous week's 67.1%, albeit from a lower volume of listings (683) than Melbourne. It was Sydney's best result in a month, according to Domain, and came during a week when the Reserve Bank of Australia once against left the official cash rate on hold at 1.5%.

Melbourne highlights

In the popular city-fringe suburb of Richmond, a 3br, 364sqm Victorian sold for more than $250,000 above reserve at $3.01m. The elevated property on Richmond Hill was marketed for its city views and potential to extend. 

Domain reports Melbourne's auction median price last week was $875,000, up $25,000 from the previous week. A modern 3br Mentone townhouse sold for this price, as did a 3br townhouse on the other side of town in Coburg. 

A 1br West Footscray brick unit with parking offered one buyer an affordable entry point into the Melbourne property market, selling for $208,000. 

Sydney highlights

It's rare for Sydney's most expensive disclosed auction sale to fall below Melbourne's, but this was the case last week when a 6br, 2,100sqm home in Pymble sold prior to auction for $5.7m. The 6yo residence includes a synthetic tennis court, 10m lap pool, 10-seat home theatre and infrared sauna. 

Unlike Melbourne, however, there were no $200,000 bargains to be found anywhere in the greater metropolitan area. In fact, Sydney's most affordable auction sale was a 1br Ashfield unit with parking that sold for $510,000 - yet another week of no sub-$500,000 auction sales for the Harbour City.

Sydney'a weekly auction median came in at $1.25m, according to Domain. A 2br, 65sqm top-floor unit in Queenscliff with sweeping views of Queenscliff Beach sold prior to auction for this 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.