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Weekend auction results for Sydney and Melbourne

Weekend auction results for Sydney and Melbourne

Sydney saw some rare affordable sales at Saturday's auctions, while Melbourne posted a new record for auctions held.

Melbourne finished the last weekend of October on a strong note, with close to 1,700 property auctions held on Saturday in what Domain reports is a new record for the Victorian capital. 

And the city's clearance rate continued to hold up well, reaching 72% by Saturday evening. 

It was, however, a different story once again north of the border, where less than 65% of 992 listed Sydney auctions successfully cleared over the weekend according to Domain. This is around 10-15% down on spring figures for last year.

And in what looks to be a sign of a cooling market, Sydney buyers were treated to a couple of rare sub-$400,000 auction sales.

Sydney highlights

In Ashfield in Sydney's inner west, a 1br brick unit with no parking sold at auction for $365,000, well below the suburb's median of $575,000 for single-bedroom apartments. 

In the greater Sydney region, a 1950s era 2br house on a 1,450sqm block in Lawson in the Blue Mountains fetched $360,000.

Despite these rare affordable sales, however, Sydney overall remains a challenging market to buy into, particularly for first home buyers, with Domain reporting an auction median price of $1.31m for the weekend. A split-level, 2br weatherboard semi in Balmain sold for this price. 

At the top end of town, an architecturally designed 5br house in Waverton sold under the hammer for $7.168m, Sydney's highest reported sale price for Saturday. 

Melbourne highlights

The inner south-eastern suburb of Malvern East was the site of Melbourne's most expensive disclosed auction sale, when a 5br, 1,384sqm house fetched $6.125m. The three-year-old residence includes a north-south tennis court and swimming pool.

Buyers looking for something a little more affordable headed to Brunswick West, where a 1br brick unit with parking sold for $237,000, Melbourne's cheapest reported auction sale.

In neighbouring Pascoe Vale South, a freestanding 4br, 552sqm home in need of updating sold for $880,000, which Domain reports was Melbourne's auction median for Saturday.

Also nearby in Strathmore, a freestanding 3br house with double lock-up garage sold for this price, notably lower than the suburb's $1.12m median for three-bedroom homes.  

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.