Property auctions remained strong in Sydney and Melbourne during the mid-winter week, as both cities once again recorded clearance rates above 70%.
Cold weather did not deter keen buyers from bidding successfully on many properties, although auction listings were noticeably down in both markets compared to the same week last year.
Almost 72.5% of Melbourne's 569 auctions successfully cleared last week according to preliminary results from CoreLogic, while Sydney saw a clearance rate of 75.3% from 448 listings, making this the fourth consecutive week above 75% for the NSW capital.
The 1,295 auctions held across the combined capitals was substantially lower than the 2,143 held in the same week of 2015.
CoreLogic reports the Inner West recorded the highest clearance rate of all Sydney sub-regions at 93.9%, up 2% from last week.
Sydney’s most expensive disclosed auction sale was in the inner west suburb of Annandale, where a newly renovated 5br freestanding turn-of-the-century home with a guesthouse and pool sold on Saturday for $3.2m.
Sydney’s auction median for the week was $1,210,000, according to Australian Property Monitors (APM). A newly renovated 2br unit in Manly with off-street parking sold for this price, as did a modern 3br unit sandwiched between Randwick and Clovelly.
Several Sydney homes sold at auction close to the median price including:
- A 3br home with bush and city views in Lurgarno, in Sydney’s south, which sold for $1.2m
- A 2br Newtown Federation semi that fetched $1.26m
- A 3br end-of-terrace house in Enmore, which went for $1.28m
By contrast, the most affordable sale was in Westmead in Sydney's west, where a 2br unit with parking for one went for $465,000.
Mornington Peninsula properties struggled most of Melbourne's sub-regions for auctions, with the area recording a preliminary clearance rate of 59.1% compared with 75.3% of properties clearing in inner Melbourne, the city's best-performing sub-region.
A 3br double-fronted Victorian brick home in Albert Park recorded the highest sale auction this week. Filled with period features as well as modern touches including an indoor cinema room and substantial cellar/wine room, it sold on Saturday for $3.755m.
APM reports Melbourne’s auction median for the week was $755,000. A 3br property on a 670 square metre block and marketed for its development opportunity sold for that price in Mulgrave, in the city's south east.
Other properties to sell at auction close to the median included:
• A 2br single-level unit in Box Hill, close to the city, which sold for $737,000
• A 4br luxury home in Attwood, Melbourne’s suburban north went for $745,000
• A 2br townhouse in Kensington that fetched $773,000.
This week’s most affordable Melbourne auction sale was in Broadmeadows, where a 2br freestanding brick villa with parking went for $255,000.