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Weekend auction results – Sydney and Melbourne

Weekend auction results – Sydney and Melbourne

Sydney and Melbourne's property auction markets continue to trend in different directions.

Sydney and Melbourne told a tale of two cities last week, as one city's auction market posted another week of healthy clearance rates from high stock numbers while the other recorded its lowest rate since 2015.

Only 67% of Sydney properties successfully cleared from 763 listed auctions, according to preliminary figures from Domain. This was the city's lowest result since December 2015, down from 73.2% recorded the previous weekend and well down on the 85.1% recorded over the same weekend last year. 

While regions closer to the city centre performed well, such as the inner west (with a clearance rate of almost 80%) and the city and east (74.4%), areas further out struggled, with only 39% and 40% of auctions clearing in the west and south-west respectively. 

Melbourne by contrast enjoyed another week of above-75% clearance rates, coming in at 76% from 1066 listed auctions. And no region in the Victorian capital posted a rate below 67.5%, with the northern suburbs (83.7%) and north-east (82.3%) the most successful. 

Melbourne highlights

In the trendy north-eastern suburb of Northcote, a ramshackle freestanding weatherboard cottage sold for almost $300,000 above reserve at $1.1m. The 2br property with parking was owned by the same person for almost 50 years. 

Melbourne's most expensive disclosed sale for the week was in Kew, where a 5br house sold prior to auction for $5.58m.

At the other end of the market, one buyer snapped up a Williamstown studio for $255,000.

Melbourne recorded a weekly median auction price of $881,000, according to Domain. An unrenovated 3br Californian sold in Preston for $880,000, as did a modern 3br house in neighbouring Coburg.  

Sydney highlights

Many Sydneysiders will be familiar with Blues Point Tower, the McMahons Point high-rise often described as an "eyesore" on Sydney Harbour. Domain reports a Canberra teenager, with the help of his parents, snapped up a 2br unit in the tower for $1.43m. The 70sqm third-floor apartment sold for $215,000 above reserve. 

Also in McMahons Point, a 2br absolute waterfront residence sold under the hammer for $8.3m, Sydney's most expensive disclosed auction sale for the week. The 701sqm, 1940s-build property includes a boatshed and private jetty.

Sydney's most affordable auction sale was in Marrickville, where a single-bedroom apartment with parking went for $470,000. 

Domain reports a weekly auction median of $1,282,500 for Sydney, up from the $1.25m the previous week. An unrenovated 2br Federation semi in Dulwich Hill sold for $1.28m, as did a 4br, 582sqm family home in the south-western suburb of Lugarno.

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.