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Prestige properties lift auction results in Sydney, Melbourne

Prestige properties lift auction results in Sydney, Melbourne

Auction rates in Sydney and Melbourne for the week held above 70%, but were down compared with rates of more than 80% this time last year.

Melbourne highlights

More than 1,150 auctions were held in Melbourne over the weekend, up from 843 the week prior.

Preliminary results from CoreLogic show a clearance rate of 70.8%, up slightly compared to last week’s 70%, but down from a strong 80.2% this time last year.

An Edwardian 5br family home on Melbourne’s prestigious tree-lined ‘Golden Mile Avenue’ was Melbourne’s most expensive sale at $5,110,000.

The sought-after Canterbury address, on a 1,021sqm block with period features including stained glass windows and detailed fretwork, last sold in 2007 for $2.99m.

Melbourne’s auction median for the week was $821,000 according to Australian Property Monitors (APM).

Two properties sold at this price - a 2br deco-unit in Brighton and 3br single-level brick house in Glen Waverley.

A 1br unit in South Yarra, close to Fawkner Park, was Melbourne’s most affordable home at $260,800.

Sydney highlights

CoreLogic reported a preliminary clearance rate of 75% in Sydney from a reported 773 auctions this week.

The clearance rate has remained reasonably strong since mid-February – but is down against this time last year when the clearance rate was 85%.

Bucking this trend however, were the Eastern Suburbs (91.9%), North Sydney (83.3%) and Hornsby (83.3%).

A luxurious 3br water-front apartment with wraparound balcony views over Elizabeth Bay was Sydney’s most expensive sale at $7m.

Designed by Burley Katon Halliday, the apartment last sold in 1997 for $3,600,000.

By contrast, the most affordable sale was in Bankstown where a top floor 2br unit with parking went for $360,000.

APM reported Sydney’s auction median price as $1,270,000 for the week.

A 5br corner block home in Dundas sold for this price.

Also around this price point, a 5br brick house in Eastwood sold for $1,265,000 and a 3br single-level house on 575sqm in Caringbah sold for $1,275,000.

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.