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Melbourne and Sydney weekly auction results

Melbourne and Sydney weekly auction results

Melbourne's auction clearance rate bounced back up to form last week, but it was a different story in Sydney.

Melbourne's property auction market posted some healthy results in the penultimate full winter week of the year, while Sydney-siders treaded a little more cautiously, the latest figures from Domain suggest. 

The Victorian capital recorded a preliminary clearance rate of 78.3% from 821 listed auctions, a big jump from the previous week's 71.7% and also up on the same weekend of 2016. This was Melbourne's highest clearance rate in more than two months.

In Sydney, however, only 69.4% of 579 listed auctions successfully cleared, according to preliminary Domain numbers. This was the city's lowest weekend clearance rate since 10 June, and down on both the 73.7% recorded last weekend and well down on the 84.1% clearance rate achieved on the same weekend last year.

While properties close to the CBD typically sold, Sydney's overall result was brought down by weakness in the auction markets further out west. 

Melbourne highlights

Melbourne's weekly auction median price of $882,150 was down from the previous week's $898,000. A 3br brick townhouse in Mentone sold for $881,000, as did an older-style 3br house in Blackburn in the city's east. 

Closer to the centre of town, a 3br Fitzroy corner block terrace sold for almost $500,000 above reserve when the hammer fell on it at $2.478m. 

A few suburbs over in Kew, a 4br, 792sqm English-style property fetched $4m at auction, Melbourne's highest reported auction sale price for the week. 

At the other end of the market, a studio in Toorak with parking sold for $250,000, well below the popular dress circle suburb's apartment median of $925,000.

Sydney highlights

Along with its clearance rate, Sydney's auction median was also down on the previous week to $1.16m. In the city-fringe suburb of Chippendale, a 112sqm warehouse conversion apartment with rooftop terrace sold for this price. 

Also selling for around the median was a crumbling, unliveable 2br Erskineville terrace. The tiny property, which last sold in 1982 for $45,000, fetched $1.085m at auction. 

At the top end of town, a 6br, 1802sqm Chatswood property with tennis court and heated pool sold for $5.635m, Sydney's most expensive reported auction sale price. The New Daily reports a 5br, 4-bathroom terrace in Woollahra sold on the weekend for a "considerably higher" price than $6.35m, but this was not disclosed. 

The affordable end of Sydney's property market continues to demand a higher entry-level price point than Melbourne's. A 2br brick unit in Lakemba sold for $415,000. 

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.