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.
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.
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.