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.
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.
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.