You’ll need to update your browser so you can continue to log on to your online banking from 28th February. Update now.

Close

News

Weekend auction results for Melbourne and Sydney

Weekend auction results for Melbourne and Sydney

Records were broken in the two major auction markets despite the rain, including the multi-million dollar sale of a block of flats in Sydney's inner east.

Wet weather in Sydney and Melbourne appeared to dampen the enthusiasm of would-be auction buyers over the weekend, with both cities posting lacklustre clearance rates.

Just 65% of 868 listed auctions successfully cleared in Sydney, according to preliminary figures from Domain. 

Melbourne didn't fare much better, posting a clearance rate of around 68% from 1366 auctions. 

The Emerald City's weaker results came in the same week CoreLogic announced a fall of more than 1% in Sydney house prices over November and a quarterly drop of 1.3% across houses and apartments combined.

By contrast, property prices are still very much on the up in Melbourne, where dwelling values have increased by more than 10% over the past 12 months, double Sydney's growth rate.

But despite the overall slowdown happening in the Sydney property market, it's still managing to smash price records with strong individual sales.

Sydney highlights

In Edgecliff in Sydney's prestigious inner-eastern suburbs, a block of 11 Art Deco apartments sold under the hammer for $33.25m, the single biggest residential sale for the city in 2017.

Known as "Eynesbury" and built in 1935, the block had been owned by the same family for almost 80 years, and last traded back in 1938 for £29,000. It comprises 10 three-bedroom apartments as well as one 400sqm penthouse, each of which commands harbour views. 

Further east in North Bondi, a 3br, 398sqm house with sweeping views of Bondi Beach fetched $7.55m at auction, the highest reported sale for the week. The property is one of the few remaining 1920s-era homes in the tightly held Ben Buckler enclave. 

At the affordable end of town, a 1br unit with parking on the Pacific Highway in Artarmon sold prior to auction for $480,000.

Domain reports Sydney's auction median for the week was $1.25m. A 3br, 212sqm Camperdown apartment with rooftop terrace sold for this amount, as did a 5br, 753sqm dual-level family home in Avalon Beach. 

Melbourne highlights

A more unconventional property record was broken in Australia's auction capital, when a Brighton beach box fetched more than $330,000 ahead of auction. The sale was well above the previous record of $326,000 set in December last year.

A few suburbs north of Brighton in Toorak, a modern 3br house with lock-up double garage sold under the hammer for $4.6m, Melbourne's most expensive disclosed auction sale for the week. 

Despite its strong value growth over the year, Melbourne continues to offer plenty more affordable entry points to its property market than Sydney. A 1br West Footscray unit with parking sold prior to auction for $276,000, while in Caulfield North a 1br unit also with parking fetched $280,000.

Melbourne's weekly auction median was $819,000, according to Domain. A 4br, 1017sqm house in Greenvale in the city's outer north sold for $818,000.

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.