The weekend before Easter is typically a busy period for property auctions in both markets, and with Melbourne having celebrated a Labour Day long weekend the previous week, activity was even more feverish in Australia’s auction capital.
CoreLogic RP Data reports Melbourne’s preliminary weekly clearance rate at 72.3% from almost 1,800 scheduled auctions, up from 68.6% the previous week when only 420 properties went to auction.
Sydney’s 75.5% clearance rate was also up on the previous week’s, and off a larger volume of 1,103 scheduled auctions compared with 680. However, it was noticeably lower than the almost 85% clearance rate seen over the same week last year.
In Granville in Sydney’s west, a dilapidated 12-bedroom boarding house sitting on a 1,021 square metre block sold at auction for $1.257m – more than $200,000 above reserve. The property was offered for sale for the first time in more than 40 years, with the auction reportedly attracting up to 100 people and 15 registered bidders on the day.
A 7br, 1,208sqm Strathfield house fetched $5.71m on Saturday, which Australian Property Monitors (APM) reports as Sydney’s highest disclosed auction sale price for the week.
At the most affordable end of the scale, a 2br, 130sqm “renovator’s delight” unit in Yagoona with parking sold for $380,000.
Sydney’s weekly auction median price was $1,169,500, according to APM. A 3br, 252sqm freestanding weatherboard cottage in Lilyfield sold under the hammer for $1.169m, while several properties sold for $1.170m including a 2br Coogee unit and a 3br, 321sqm Federation semi in Croydon.
In Windsor, an 1860s era red brick hotel converted into a 5br home sold for almost $600,000 above reserve at $4.85m. The former “Red Lion Hotel” changed owners for the first time in 60 years in what was Melbourne’s highest disclosed auction sale for the week.
Another reserve was smashed a few suburbs over in Hawthorn, where a 447sqm, 3br double-fronted Victorian home fetched around $400,000 above reserve at $2.28m.
Away from the high end of town, Melbourne’s most affordable auction sale was out west in Albion, where a 2br brick unit with no car park sold for just $180,000.
APM reports Melbourne’s auction median was $781,000. No property sold for this price but several sold for $780,000, including a 3br, 664sqm Forest Hill house and a 3br, 485sqm Rosanna residence offered for the first time in 44 years.