Sydney has posted its weakest weekend auction result in two years as more and more nervous vendors withdraw their properties from auctions.
Just 58.2% of 783 Sydney auctions listed for Saturday successfully cleared, with Domain also reporting more than 100 would-be auction vendors withdrew at the last minute. The strike rate was well down on the 65% clearance rate posted the previous weekend.
Melbourne fared better, posting a preliminary clearance rate of 66% from more than 1,500 listed auctions. But both markets are tracking well down on the rates seen in the same weekend of last year.
Despite some heat coming out of the Sydney property market, the top end of town continues to perform well, with several properties selling for more than $4m. This included a 4br, 692sqm waterfront residence in Birchgrove that sold under the hammer for $7.225m, Sydney's most expensive reported auction sale for the weekend.
The early 20th century property includes a boatshed and private mooring, as well as impressive views of Sydney Harbour Bridge.
Sydney's median auction price held firm at $1.3m. Three properties sold under the hammer for this price: a 3br Revesby house marketed for its 964sqm block; a 3br, 524sqm double-brick house in Clemton Park (near Roselands); and an original condition 2br, 428sqm Burwood brick home also marketed for its development potential.
There was a rare sub-$450,000 sale in Sydney's in-demand inner west, when a top-floor studio parking sold for $415,000 in the popular suburb of Annandale. This was the city's most affordable auction sale.
With 1,511 properties listed for auction, Melbourne is certainly holding onto the title of Australia's auction capital. And the star performer could be found in the prestigious suburb of Malvern, where a 5br, 930sqm house fetched $6.6m.
At the other end of the market, a ground-floor 1br brick unit with parking sold for $233,000 in Kingsville in Melbourne's inner west. The sale price was well below the suburb's apartment median of $347,000.
Domain reports Melbourne's auction median for the weekend was $775,000, around three-fifths that of Sydney's. A renovated 4br, 413sqm house with lock-up garage in Croydon sold for this price.