Melbourne activity picked up following the quieter June long weekend, with more than 1,000 auctions across the city.
But Melbourne’s clearance rate fell below 70% for the second week in a row to around 68%, according to preliminary figures from CoreLogic. The figure is well down from the 79.3% clearance rate Melbourne saw at the same time last year with a comparable number of auctions.
Sydney reported a stronger preliminary rate of 74.7% but from a smaller volume of 728 auctions. It was the only Australian capital to record a clearance rate above 70% for the week, although the result was significantly down on the same week last year, when more than 82% of auctions successfully cleared.
The prestigious eastern suburb of Toorak once again took the title of Melbourne’s most expensive for disclosed auction sales. Two Toorak properties sold for more than $5 million: a five-bedroom, 772 square metre residence that sold for $5.22m, and a 4br, 688sqm house marketed for its redevelopment potential that fetched $5.02m.
About 50kms north-west of Toorak in Melton South, a 3br, 556sqm brick house sold under the hammer for $235,000 – the most affordable disclosed sale price for the greater Melbourne area.
The city’s auction median was $800,000 for the week, according to Australian Property Monitors (APM). Three properties sold for this price: a 3br, 595sqm modern house in Watsonia; an older style 4br Strathmore Heights residence and a 3br, 611sqm brick house in Macleod.
In Kensington in Sydney’s eastern suburbs, a block of four refurbished apartments sold in one line for $3.52m. The units are likely to bring a gross annual rental revenue of more than $115,000, according to the selling agents.
The most expensive disclosed sales price for a single residence was in the harbourside suburb of Vaucluse, where a 4br, 539sqm house fetched $5.55m.
In Cabramatta in Sydney’s south-west, a 2br unit with parking that sold at auction for $415,000 was the city’s most affordable disclosed sale.
APM reports Sydney’s weekly auction median was $1,117,500. No property sold for this price, but a 3br, 466sqm Oatley brick house on a corner block sold for $1.15m.