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Sydney and Melbourne auctions feel the love

Sydney and Melbourne auctions feel the love

The Valentine's Day weekend saw plenty of love for Sydney and Melbourne auctions, with both markets enjoying healthy clearance rates.

Love was in the air for Melbourne and Sydney real estate auctions this Valentine’s Day weekend, with both markets seeing healthy clearance rates from increased sales volumes.

Despite falling rates and value growth in recent months, Sydney saw 74% of auctions successfully clear on Saturday from more than 350 listed to go under the hammer, according to APM.  

The Real Estate Institute of Victoria (REIV) reported 342 properties sold at auction from 438 reported, for a clearance rate of 78%.

CoreLogic RP Data notes auction volume numbers were noticeably down last week in both cities compared to the same week last year, but are expected to keep increasing in the lead-up to Easter.

Sydney highlights

In Enmore in Sydney’s inner west, a freestanding three-bedroom, 398 square metre bungalow sold under the hammer on Saturday for $1.495m – $195,000 above reserve.

And on the north side of town in Willoughby, a 695sq metre block featuring an original condition 1960s 3br house fetched $2.08m. The buyers had not inspected the property before auction day.

Sydney’s most expensive disclosed weekend auction sale was also on the north shore. A 4br, 1258sqm Lindfield house sold for $3.63m.

In Cranebrook in Sydney’s outer west, a 3br, 566sqm brick house fetched $491,000 – the most affordable disclosed sale for the weekend.

APM reports Sydney’s weekend median price was $1,041,500. A 2br Coogee garden apartment sold under the hammer for $1.01m, while a 3br deceased estate in Kingsgrove went for $1.09m.

Melbourne highlights

In Hawthorn, a 4br, 546sqm Edwardian house circa 1910 sold under the hammer for $2.625m – the highest disclosed weekend auction sale for the city.

In the Melbourne CBD, a studio sold for just $170,000 – the most affordable auction sale. This result was noticeably down on the $282,000 the apartment fetched when last sold in 2011, and possibly a sign of oversupply in Melbourne’s inner-city apartment market.

Melbourne’s weekend median was $710,000, according to APM. A 5br Craigieburn house in the city’s outer north sold under the hammer for this price.

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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.