A record number of auctions were held across the combined capital cities for the week ending 25 March, led by Melbourne’s busiest weekend on record, according to CoreLogic.
More homes were put to auction across the combined capital cities over the weekend than ever before, according to the latest CoreLogic data. There were 3,967 homes auctioned with a preliminary clearance rate of 65.5%.
Melbourne supply jumps, prices soften
In Melbourne, 2,078 homes were taken to market, compared with 1,607 in the same period last year. The preliminary clearance rate was 67%, down from 78.9% in the same week last year. Prices dropped by 0.2% on the week, falling by 0.5% in the year to date, and down 5.4% over the past 12 months.
The median price for houses was $902,000, with Domain reporting sales in this range of a 3-bedroom house in Ringwood, sold for $900,000, and a 3-bedroom townhouse in Bentleigh East which sold for $905,000.
House prices ranged from a 6-bedroom house in Toorak selling for $5,800,000 marketed for its development potential, to a 3-bedroom house in Terange selling for $220,000.
A 2-bedroom unit sold in Reservoir for the median price of $664,000, according to Domain. At the top-end, a 2-bedroom unit in South Yarra sold for $2,120,000.
A 1-bedroom unit in Kingsville sold for $247,000 and a 2-bedroom unit in Newtown sold for $310,000.
Sydney supply increases, clearance rate drops
In Sydney, 1,359 properties were auctioned with a preliminary clearance rate of 66.2%. The clearance rate last year was 75.8%. Prices were unchanged from the week before, but have decreased by 0.4% over the month, and have fallen by 1.8% in the year to date.
The median price of $1,480,000 bought a 3-bedroom house in Turramurra, according to Domain.
At the top end of the market was a 5-bedroom house in Manly that sold for $9,710,000. A 6-bedroom home in Vaucluse sold for $8,450,000.
In Sydney’s west, a 4-bedroom house sold for $770,000 in Guildford and a 2-bedroom house sold for $755,000 in Punchbowl. In Terrigal, on the Central Coast, a 3-bedroom house sold for $677,000. In Ingleburn, a 3-bedroom house sold for $672,000.
A 2-bedroom unit in Manly Vale and another in Maroubra were sold at the median price of $900,000.
There were two 3-bedroom units sold for more than $3,000,000 - one in Darling Harbour for $3,720,000 and one at Cremorne Point for $3,280,000.
A 2-bedroom unit at Sutherland sold for $525,000 and a 2-bedroom unit at Epping sold for $598,000.