Determined bidders coupled with a lower number of reported listings drove up auction clearance rates and median prices across Sydney and Melbourne last week. Over three quarters of auctions were successful in both capitals according to the latest CoreLogic figures.
And for the first time in weeks, more auctions successfully cleared in Melbourne outperformed than Sydney.
CoreLogic reported a preliminary auction clearance rate of 76.2% for Sydney, making this the third week in a row that the clearance has been above 75%. This is down, however, from the same time last year when the clearance rate sat close to 80%.
According to preliminary results, the inner west recorded the highest clearance rate at 91.4%, closely followed by the city and inner south at 88.1%.
Sydney’s most expensive disclosed auction sale for the week was in the inner west suburb of Strathfield, where a 5br luxury designer home with a pool sold on Saturday for $3.76m.
Several homes sold for over $2m, including:
• A 6br property in Eastwood with a walk-in wine cellar which went for $2.85m
• A 5br double brick, dual frontage home in Concord which sold for $2.33m
• A 4br single level, family home in Roseville which fetched $2.3m.
By contrast, the most affordable sale was in Meadowbank, western Sydney, where a 1br tenanted unit with parking went for $316,000.
Sydney’s auction median for the week was $1,185,500 according to Australian Property Monitors (APM). A 3br house in North Rocks, in Sydney’s west, sold for this price.
Melbourne’s clearance rate, which finally rose above 70% last week to break a five-week trend, strengthened to reach 77.3% this week.
More than 660 auctions were held in the Victorian capital, a big drop from 759 auctions held in the same week last year. According to CoreLogic, this was the third week in a row that the number of auctions has fallen below 1,000.
A French provincial style 5br home in Glen Waverley, set on a 735square metre block, sold for $2.215m, making it Melbourne's highest reported auction sale of the week.
Two properties fetched $1.95m this week - a two storey 3br Victorian house with period features in Carlton North, and a 5br newly renovated family home in Mount Waverley.
The most affordable property of the week was a 2br ground floor unit in Thomastown, Melbourne’s north, which sold for $235,000.
APM reported Melbourne’s auction median price as $750,000 for the week. A 3br Clayton South brick house with approved plans and permits for a townhouse sold for this price.