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Sydney auctions spike over long weekend

Sydney auctions spike over long weekend

Sydney auction clearance rates spiked over the ANZAC Day long weekend, with the eastern suburbs the city's star sub-region.

Clearance rates for Sydney auctions saw a big spike over the ANZAC Day long weekend, fuelled by strong interest and bidding in the city's eastern suburbs.

According to CoreLogic RP Data's preliminary figures, 78.4% of Sydney's 626 auctions successfully cleared last week – down from the roughly 90% clearance rate seen in the same week last year, but a substantial rise on the 69.8% rate seen the week before.

Among Sydney's sub-regions, the eastern suburbs was the only area to see a clearance rate above 90%, with 91.4% of the 89 scheduled auctions selling under the hammer.

It was a different story in the Parramatta area, however, where fewer than 64% of auctions successfully cleared. The Parramatta auction market has continued to struggle when compared against other Sydney markets, particularly those areas closer to the CBD.

Melbourne auction clearance rates were also above 70% for the week, with 71% of the city's 595 auctions selling based on preliminary results. As with Sydney, this rate is well down on the 86.6% clearance rate seen over the same week last year.

Sydney highlights

In Tamarama in Sydney's coastal eastern suburbs, a four bedroom, 370 square metre house built in 1947 fetched $3.55m.

The home, known as "Frangipani House" for the frangipani tree planted when the house was built and still standing today, was placed on the market for the first time in almost 60 years by a vendor whose father built the house after WW2 for around 2,500 pounds.

In Double Bay, another prized Sydney eastern suburb, a 3br, 346sqm penthouse apartment sold under the hammer for $4.51m, the most expensive disclosed auction sale for the week.

By contrast, the most affordable sale was in Ebenezer, north of Windsor – a 3br, 695sqm 1970s home in need of updating that fetched $490,000.

Australian Property Monitors (APM) reports Sydney's weekly auction median was $1.1m. A 3br, 487sqm freestanding house in Campsie sold prior to auction for this price.

Melbourne highlights

In Ascot Vale in Melbourne's inner north-west, a 3br, 414sqm block-fronted house sold for $1.291m after several active bidders helped push the sale price almost $250,000 above the reserve.

Melbourne's most expensive disclosed auction sale was in the prestigious inner south-east suburb of Toorak, where a modern 3br, 560sqm residence fetched $4.2m.

At the other end of the affordability scale, a 3br Meadow Heights house "in need of some TLC" sold for $221,000.

Melbourne's auction median price was $710,000, according to APM. No property sold for this price, but a 2br, 160sqm Victorian terrace in Brunswick sold for $705,000 while a 3br, 880m Croydon brick house fetched $716,000.

The west sub-region, where Croydon lies, was the city's most successful area for auctions, with 77.4% of auctions clearing there.

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. Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information. Commonwealth Bank is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.