Auction volumes across Australia were down, with long weekends in four states, according to the latest CoreLogic data for the week ending 11 March.
Of the 1,721 homes taken to auction, more than half were in Sydney and there were 447 homes auctioned in Melbourne.
The preliminary clearance rate was 67.3%, up from last week’s 63.6%, but lower than last year’s same-week figure of 75.1%.
Sydney supply increases, prices still falling
Sydney experienced a further decline in home price value, now down 1.7% since the start of the year and 1.3% lower over the past 12 months. Dwelling supply has increased by 22.5% over this 12-month period.
936 homes were auctioned across Sydney, concentrated in the city’s inner and northern suburbs, and 66.6% of them were cleared.
At the top end of the market, two 4-bedroom houses each sold for $3.6m, according to Domain - one in Hunters Hill, the other in Balgowlah Heights. Each residence has water views and swimming pools.
The city’s least expensive property was a 4-bedroom house with two bathrooms and two parking spots that sold for $162,000 in Caringbah South.
2-bedroom units ranged from $512,000 at Strathfield South, to $2.75m in Manly.
The city’s median price was $1.2m. Properties at this price included a 5-bedroom house in Bossley Park, a 2-bedroom unit at Cronulla, and a 2-bedroom house at Marrickville.
Of the 447 homes listed for auction last week in Melbourne, 72.2% cleared, according to CoreLogic.
Melbourne’s most expensive property sold at auction was a $2.465m 3-bedroom house at Port Melbourne with seaside views, Domain reported. A 3-bedroom house in Balwyn North sold for $2.3m.
1-bedroom units sold in Footscray for $245,000 and in Coburg for $318,000.
Melbourne’s median price was $657,500. Properties at this price included a 3-bedroom house in Broadmeadows, a 2-bedroom unit in Hawthorn and a 4-bedroom house in Craigieburn.