Melbourne property auctions have started the year on a decent note as the nation's largest auction market gradually returns to BAU from its Christmas and New Year shutdown.
Domain reported a weekend clearance rate of 70.5%, albeit from a small sample of 210 listed auctions. The number of properties slated to go under the hammer in Melbourne should increase sharply towards the end of February and the start of March and provide a truer snapshot of the market's health.
Sydney posted a clearance rate of 57.5%, but from an even smaller sample of just 178 listed auctions.
The results follow the latest figures from CoreLogic pointing to a slow start for both the Sydney and Melbourne property markets for value growth in 2018. Both cities are, however, coming off years of super-charged growth.
The popular eastern suburb of Hawthorn was the site of Melbourne's most expensive disclosed auction sale over the weekend. A 4br Edwardian circa 1910 sold prior to auction for $2.8m.
On the other side of town in Newport, a renovated 1br ground floor apartment with parking fetched $325,000, Melbourne's most affordable auction sale. With an advertised rental potential of $300-$320 per week, the unit was spruiked as a viable option for first home buyers and investors alike.
Melbourne's auction median price for the weekend was $690,000, according to Domain. A 3br, 2150sqm Ferny Creek property in the city's outer east that "requires a little bit of updating" according to its selling agents sold for this price.
In Freshwater, a modern 4br beach house sold for $3.35m, Sydney's most expensive weekend auction sale. The property is within 500m of Freshwater Beach.
Despite the current slowdown in Sydney property prices, finding a property at auction for less than $500,000 continues to prove elusive. One buyer did manage to secure a 2br Liverpool unit with lock-up garage for $440,000, Sydney's most affordable auction sale.
Domain reported an auction median of $942,000 for Sydney. A partially updated, freestanding 2br house in Auburn sitting on a 500sqm allotment sold for this price.