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Melbourne auctions feel winter chill

Melbourne auctions feel winter chill

Auction activity was up in the Victorian capital following the long weekend - but clearance rates were not.

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.

Melbourne highlights

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.

Sydney highlights

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. 

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.