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Sydney and Melbourne auction wrap: Weekly highlights

Sydney and Melbourne auction wrap: Weekly highlights

Clearance rates and median prices were both up in the major markets as Sydney prepares for changes designed to make property more affordable.

Auction clearance rates bounced back to form in Sydney last week, even though CoreLogic preliminary figures suggest rates across the combined capitals continue to soften.

The harbour city posted a preliminary clearance rate of just over 73% from 918 properties slated for auction, a big jump from 66.7% the previous week. 

Melbourne was also up by almost a percent to 71.9%, though this was from the lowest clearance rate recorded in the Victorian capital since July 2016.

Nationally the combined capitals posted a preliminary clearance rate of 69.1% from 1,840 scheduled auctions. The previous week saw the lowest recorded final clearance rate over the year across the combined capitals. 

Sydney highlights

Sydney first home buyers will soon be exempt from paying stamp duty for purchases of both new and established homes with a sale price of up to $650,000, as part of the state government's attempt to address housing affordability challenges in the nation's biggest city.

In the meantime, Sydney's auction median price is more than twice this, with Domain putting it at $1.355m, well up on the $1.265m recorded the week before. One buyer snapped up a 3br, 570sqm Ryde house in need of updating for the median. 

At the top end of town, the city's most expensive disclosed auction sale was in the semi-rural north-western suburb of Glenhaven, where a 6br, five-acre property fetched $4.625m.

A 1br, 94sqm Beverly Hills retail/commercial unit sold for $360,000, Sydney's most affordable disclosed auction sale and the only one below $500,000.

Melbourne highlights

In the sometimes-maligned western suburb of Sunshine, an original condition 2br, 697sqm weatherboard house sold for $1.505m - more than $400,000 above reserve but shy of the suburb record of $1.615m set in October last year.

East of Sunshine in Moonee Ponds, a 3br, 449sqm Edwardian residence on a corner block sold for more than $450,000 above reserve at $1.375m. The suburb also posted Melbourne's affordable auction sale - a 1br unit that went for $262,000, well below the suburb's 1br unit median price of $360,000. 

The most expensive disclosed auction sale was in Armadale, where a 5br, 546sqm Federation residence with a modern extension sold fetched $5.925m.

Domain reports Melbourne's weekly auction median price was $890,250. A 2br freestanding brick house in Mitcham sold for just under this.

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.