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Sydney and Melbourne weekly auction wrap: What you need to know

Sydney and Melbourne weekly auction wrap: What you need to know

What happened last week in the country's biggest auction markets, Melbourne and Sydney?

Affordable housing was one of the key focus areas in last week's Federal Budget, and the proposed measures seem to have helped maintain confidence amongst property sellers and buyers if the latest CoreLogic weekly auction numbers are anything to go by.

CoreLogic reports:

  • Total of 2,376 auctions held across seven capital cities last week
  • Combined preliminary auction clearance rate of 76.2%
  • In the corresponding week last year there were 1,689 auctions with a clearance rate of 69.5%.

Sydney highlights

Sydney had the highest capital city preliminary auction clearance rate of 79.4% across 938 auctions, according to CoreLogic.

Most expensive property reported sold at auction: A modern 6br, 2,034sqm house in Strathfield for $8.8m.

Median auction price: $1.275m, according to Domain. A 4br, 1,170sqm family home in North Rocks sold under the hammer for this price.

Most affordable property reported sold: An unrenovated 2br, 153sqm Macquarie Fields townhouse with garage parking fetched $415,500.

Melbourne highlights

Melbourne was host to the most auctions across the capital cities, with 1,092 properties going under the hammer. The Victorian capital recorded a preliminary auction clearance rate of 76.8% according to CoreLogic.

Most expensive property reported sold at auction: A 5br, 987sqm Toorak home circa 1930s fetched $6.56m.

Median auction price: $883,250 according to Domain, which is 3.7% higher than the same week last year. A modern 3br townhouse in Preston sold under the hammer for $880,000, as did a 2br Toorak apartment with basement parking.

Most affordable property reported sold: A 3br, 586sqm brick home in Melton South went for $286,000.

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.