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Melbourne, Sydney auctions see clearance rates hold

Melbourne, Sydney auctions see clearance rates hold in first week of winter

Wet weather in Melbourne and Sydney failed to dampen the spirits of property buyers bidding at auction, with both cities recording another week of healthy clearance rates, although volumes were down.

A cold and wet start to winter didn't keep prospective buyers away from the Sydney and Melbourne weekend auctions, with both markets recording solid clearance rates.

Sydney in particular saw a big week-on-week spike, with almost 77% of auctions successfully clearing compared to 73.2% the week before, according to CoreLogic's preliminary figures. Volume numbers were however down, with 654 auctions held compared to more than 800 the previous week.

Around 960 properties were taken to auction in Melbourne, which recorded a preliminary clearance rate of 71.4% – roughly the same as the previous week.

Sydney highlights

In Riverview in Sydney's north shore, a three-bedroom 1920s brick cottage offered for sale for the first time since it was built fetched $2.16m at auction – $360,000 above reserve. The 626sqm property was built by the vendor's father back in 1928 and had been held by the same family for almost 90 years.

Sydney's most expensive disclosed auction sale was in Strathfield, where a modern 5br, 847sqm house sold under the hammer for $5.7m.

Elsewhere in Canley Vale, a 2br unit with parking sold for $348,000, the city's most affordable auction sale.

Sydney's auction median for the week was $1.2m, according to Australian Property Monitors (APM). A 2br Zetland townhouse sold for this price on Saturday.

Melbourne highlights

The shell of a 148sqm Victorian timber terrace in Fitzroy North sold for $770,000 to a couple who only saw the property for the first time on auction day. 

A few suburbs south in Richmond, an original condition double-fronted worker's cottage fetched $725,000 following competitive bidding from three builders. The deceased owner had lived in the property his entire life before passing away just shy of his 100th birthday.

In adjacent East Melbourne, a 4br, 565sqm residence circa 1904 and held by the same family for more than 90 years sold for $5.1m, Melbourne's most expensive disclosed auction sale.

At the other end of the scale, the most affordable sale was a one-bedroom Braybrook unit that fetched $240,000.

APM reports Melbourne's auction median was $780,000. Three properties sold under the hammer at this price: an unrenovated 2br, 163sqm cottage in Clifton Hill; a 3br, 273sqm Mount Waverley house and a 3br, 773sqm home in Ringwood. 

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.