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Sydney takes auction lead for the week

Sydney auctions lead the week

Sydney real estate auctions took the lead this weekend, with a healthy clearance rate and plenty of reserves smashed, while the Melbourne auction market took a public holiday breather.

With Labour Day falling in Australia's regular auction capital today, Melbourne saw just 414 properties go under the hammer last week, according to CoreLogic RP Data, with a preliminary clearance rate of just over 70%. 

Over the same week last year, Melbourne saw a clearance rate of 78% across 1,269 auctions. 

Sydney was by far the busiest capital city auction market for the week, with 680 auctions held and a preliminary clearance rate of 72%. But volume numbers were also down compared to the corresponding week of 2015, when 926 auctions were held with a clearance rate of almost 84%. 

Long weekends in Adelaide and Canberra also helped keep auction volumes well down across the combined capitals for the week. 

Sydney highlights

In Cremorne Point, a three-bedroom, 331 square metre apartment with Sydney Opera House and Harbour Bridge views sold under the hammer for $4.065m, smashing its reserve by $765,000. The apartment, one of three, was part of a converted waterfront mansion built in 1917 and was the most expensive disclosed auction sale in Sydney for the week. 

A reserve was also smashed in Carlingford in Sydney's north-west, where a 3br, 781sqm 1960s brick house fetched $1.65m – $655,000 over reserve. The single-level building had until last year been used as a baby health clinic.

In Bankstown, a 2br, 112sqm mid-floor unit sold for $502,000, the most affordable disclosed auction sale for the week. 

Australian Property Monitors (APM) reports Sydney's median auction price this week was $1.23m. A 3br, 640sqm Oatley house sold for this price. 

Melbourne highlights

Despite the smaller-than-usual sample size, Melbourne still saw plenty of strong auction sales over the week. 

In Hawthorn, a 4br, 463sqm home fetched $2.83m on Saturday – the most expensive disclosed auction sale. 

At the other end of the scale, Melbourne's most affordable sale was in Melton West, where a 3br, 400sqm property sold for $261,000.

Melbourne's weekly auction median price was $699,500, according to APM. No property sold for this price, but a 4br, 472sqm Yallambie residence sold for $695,000 and in Dandenong North, a 4br, 1096sqm house went for $705,000.

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.