A total of $760.9m worth of real estate sold at auction in Sydney last week, making it the highest ever sales volume according to Domain.
A combination of the annual pre-Easter property rush and the decision by the Reserve Bank of Australia to leave the official cash rate on hold for at least another month saw big numbers across the country. CoreLogic reports it was the busiest week for auctions so far this year, with a total of 3,424 homes taken to market across the capitals and a preliminary auction clearance rate of 77.6%.
Sydney led the charge with a preliminary auction clearance rate of 81.5% across 1,392 auctions, while Melbourne wasn’t far behind with 81% of 1,458 auctions successfully clearing.
In a sign of Sydney's super-charged property market, especially in the inner city, a fire-ravaged terrace in Redfern sold for $125,000 above reserve at $1.6m. The entire upstairs needs to be redone and the roof replaced, according to the selling agent.
On the upper north shore, a 6br, 1574sqm Turramurra house with tennis court and pool sold under the hammer for $4.85m, the most expensive disclosed auction sale for the week.
Domain reports Sydney's median auction price for the week was $1.32m. A 2br, 114sqm Erskineville terrace sold at auction for $1.3m, as did a 3br house in Revesby marketed for its 758sqm block of land.
A 1br, 144sqm brick unit in Canley Vale was the most affordable property reported sold at auction, going for $410,000. It last sold for $130,000 in 2001, and despite the price increase will still be seen as a relative bargain given the current climate in the Sydney property market. Canley Vale lies about 30kms west of the city CBD.
A 1br unit with parking in Malvern East was the most affordable property reported sold at auction in Melbourne, going for $267,500. The property was described online as a ‘golden investment opportunity’ or ‘thrilling first step’.
Domain reports that Melbourne’s median auction price came in at $819,000, a drop from $846,000 the previous week but well up from $680,000 in the same week last year. For $819,000 a buyer locked down a 3br, 546sqm house in Bundoora in Melbourne's north-east.
The most expensive property reported sold at auction went for $4.225m. The 4br Brighton house is right by the water and was advertised as a great redevelopment opportunity for those looking to capitalise on the 920sqm of land in a highly popular suburb.