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Sydney goes for gold in auction sales

Sydney goes for gold in auction sales

Sydney heads into the first Olympic week of 2016 as the clear front-runner amongst the capitals for auction turnover.

With more than 80% of homes successfully selling under the hammer last week, Sydney saw a 15th week this year of auction clearance rates above 70%.

According to CoreLogic, Sydney’s 80.4% preliminary clearance rate was up from 78% the previous week and 78.3% in the same week last year, although the number of properties slated for auction reduced significantly from 1,103 a year ago to 526 last week.

In Melbourne, preliminary results from CoreLogic show another increase in clearance rates, up to 76.1% from 75.3% the prior week but down on the same time last year when the clearance rate was 78.5%.

The number of properties up for auction in the Victorian capital was also higher last year, at 1,085 for the equivalent week compared to 722 last week.

Across the capitals there were almost 1,000 fewer auctions being held than this time a year ago, although the clearance rate for last week was the strongest for the year so far at 74.9% according to CoreLogic numbers.

Sydney highlights

Sydney had seven of the top 10 most expensive disclosed auction sales across the nation last week, with the gold medal winner a 4br house in Mosman selling for $5.26m. This was well above the median auction sale price which, according to Domain, was $1.19m.

San Remo, a suburb north of Newcastle, had the most affordable disclosed sale of the greater Sydney region, with a 2br house with garage and potential to add a granny flat fetching $365,000. In Blacktown in the city’s west, a 2br unit sold for $440,000.

The Eastern Suburbs, City and Inner South and the Northern Beaches were the strongest-performing Sydney sub-regions for auctions, with all clearing more than 90% of sales under the hammer.

Sutherland in Sydney’s outer south had the most auctions of all the city’s sub-regions, though the clearance rate was significantly less at 71%.

Melbourne highlights

The Inner South was Melbourne’s happening sub-region last week, with 122 scheduled auctions making it the busiest and a clearance rate of 84.4% putting it among the medal contenders.

It wasn’t such good news in the Inner East, where less than 70% of properties were reported to have sold. That said, a 3br house in Canterbury with two bathrooms and two garage spaces was the most expensive auction sale in the state, going for $4.11m.

Domain reports the total value of auction sales across Melbourne was more than $250m with an average sale price of $777,700 – significantly less than Sydney’s.

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.