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Sydney, Melbourne auction volumes leap

Sydney, Melbourne auction volumes leap

Auction volumes higher, while prices and clearance rates drop across Melbourne and Sydney.

The number of auctions escalated after last week’s long weekend, with 3,097 homes taken to market, making it the second-busiest weekend this year, according to the latest CoreLogic report.

The preliminary clearance rate for the week ending 18 March across the combined capital cities was 67.5%, compared with 74.1% for the same period last year.

Sydney and Melbourne recorded similar clearance rates of 67.8% and 68.9% respectively, although Melbourne’s supply was much higher, with 1,656 homes auctioned compared to Sydney’s 1,055.

Sydney

Values are now 1.7% lower than they were 12 months ago for Sydney, compared with the combined capital city rate of 0.09% lower. There were 22.3% more homes listed for sale than the same period last year.

A 6-bedroom, 6-bathroom home sold at auction in Freshwater, on Sydney’s Northern Beaches, for $5.9m. It last went to market in 2012 when it sold for $2.13m.

In Sydney, houses under $1m were bought in the city’s southwest, including 2-bedroom houses in Yagoona for $761,000 and $890,000 each, and in Punchbowl, another sold for $925,000.

In the western suburbs, houses sold for $888,000 in Girraween and $835,000 in Granville.

In Bankstown, in Sydney’s south west, a 2-bedroom apartment sold for $475,000 representing one of the city’s cheapest sales.

Melbourne

Home values have dropped 5.9% over the past 12 months in Melbourne, but CoreLogic data shows the city is the best value performer across the five capital cities. Total dwelling supply has increased by 1.2%.

Malvern was the city’s most expensive location. The median prices of homes sold there is $3.238m according to Domain, and this week three properties sold for more than this amount. A 5-bedroom, 1930s house reached $6.3m, a 4-bedroom, 2-level house reached $5.04m, and a 5-bedroom house built around 1908 reached $4.51m.

The median property price was $855,000. This bought a 3-bedroom unit in Bulleen, a 4-bedroom house in Kilsyth, and a 5-bedroom house in Mount Waverley.

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.