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Weekly auction wrap: what you need to know

Sydney, Melbourne weekly auction market wrap

It was a quieter weekend in the auction market, with four states and territories taking a long weekend holiday – but there was still plenty of interest from buyers across the country.

While many auction-hunters in Melbourne took a long weekend rest, those who did choose to sell last week saw a great rate of success. CoreLogic reports that Melbourne’s preliminary auction clearance rate jumped up to 84.3% last week, albeit across just 355 auctions.

Despite such a high clearance rate, Melbourne still sat in second place overall of the capital cities, with Adelaide posting a preliminary auction clearance rate of 87% across 82 auctions. The City of Churches saw a rare $3m+ auction sale, with a circa 1918 3br, 855sqm bungalow with absolute frontage onto Henley Beach fetching $3.45m.

In Sydney, where there is no public holiday today, it was business as usual. More than 750 auctions were held across the city, with a preliminary auction clearance rate of 83.1%. Four regions posted a rate of over 90% - Ryde, Northern Beaches, Hornsby and North Sydney.

Across the capitals 1,402 auctions were held, less than half of the 2,907 held the week prior, according to CoreLogic. The shortage of supply saw a jump in the combined preliminary auction clearance rate to 80.8% from 74.6%.

Melbourne highlights

An empty block of land in Toorak was the most expensive property reported sold at auction last week. The 658sqm block fetched $3.85m, and while it does have a plan and permits for two contemporary townhouses, the buyer has the option of building their own dream home.

Next in line in Melbourne was a 4br,  710sqm Victorian home in Hawthorn East that sold for $3.05m.

Domain reports that Melbourne’s median auction price dropped to $755,000 from $843,750 the week prior. Despite this fall, the median is still higher than the $699,500 recorded in the same week last year. Sticking with properties ripe for development, a 739sqm lot of land in St Albans sold for $755,000. A 3br basic home sits on it, but the property was advertised as having great potential for construction. 

The most affordable property reported sold at auction was a studio in the Melbourne CBD that went under the hammer for $187,000. Newly renovated, the sale confirmed, perhaps surprisingly, that it is still possible to buy a place close to a capital city centre on the east coast for less than $200,000.

Sydney highlights

The Sydney auction market continues to go from strength to strength – though presenting more challenges to those looking to enter the property market for the first time in the process. A small 1br unit with parking in Ashfield was the most affordable property reported sold at auction, selling for $386,000 – more than twice the price of Melbourne’s cheapest auction sale.

At the other end of the market, the most expensive property reported sold was a 5br house in Killara. For $5.45m, the buyer got the keys to a historic home built in 1904 and sitting on 1,906sqm. The home previously belonged to famous Australian cricketer Bert Oldfield.

Sydney's median auction came in at $1.267m last week, according to Domain. This is up 3.1% on the median in the same week last year, which was $1.23m. A 2br, 256sqm house in Croydon Park sold for $1.265m, while a 2br unit close to the waterfront in Little Bay sold by private treaty for $1.255m.

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.