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Sydney auction clearance rate jumps

Sydney auction clearance rate jumps

Sydney's auction clearance rate jumped last week, while Melbourne's stayed below 70%.

Sydney auction sales saw a notable rise to mark the 10th week in a row above 70%, but Melbourne was unable to make any significant gains.

Sydney highlights

Undeterred by the cooler weather and Friday’s Brexit result, Sydney’s reported clearance rate, according to CoreLogic, was 77.1%.

It was a notable rise from 73.4% the week prior, but lower than the same time last year when the clearance rate was 82%.

A 5br 4 bathroom, bespoke designer home in St Ives was one of Sydney’s most expensive house sales of the week. Set on 1,502sqm it sold for $3,800,000.

The other, an architecturally designed 5br family home in Strathfield sold for $3,070,000.

Sydney’s most expensive unit went for $3,050,000. Located in the heart of Sydney’s CBD, the 3br unit, on the 26th floor, overlooks Hyde Park with views towards the harbour.

By contrast a 2br second floor unit in Lakemba, south-west Sydney, was Sydney’s most affordable property selling for $426,500

Sydney’s auction median for the week was $1,133,500 according to Australian Property Monitors (APM). Two properties sold around this price - a 3br house within walking distance of Miranda station and a 2br brick home on 657sqm in Telopea.

Melbourne highlights

This week 1,025 auctions were held in Melbourne, down from 1,085 last week but slightly higher than the same time last year. Preliminary results from CoreLogic show a clearance rate of 68.4%, up marginally from 68.3% last week, but continuing the trend, for the third week in a row, of a clearance rate under 70%.

An absolute waterfront property in Aspendale was Melbourne’s most expensive sale. Secured for $3,065,000, the single level 3br seventies classic was sold with pre-approved plans for a luxurious five bedroom, four bathroom home.

The most affordable property, a 3br brick house in Melton West went for $250,000.

Melbourne’s auction median for the week was $759,000 according to Australian Property Monitors (APM).

Two properties sold close to this price - a 3br house in Eltham sold for $758,000 and a 4br house in Altona North, in the same family for over 45 years, sold for $760,000.

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.