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Weekly auction wrap: What happened in Melbourne and Sydney?

Weekly auction wrap: What happened in Melbourne and Sydney?

Records were broken in the major auction markets this weekend as Melbourne and Sydney both saw their busiest ever Saturdays for the month of June.

It's been a hot start to the winter auction season, with Melbourne and Sydney both posting their busiest June Saturdays (so far) for listings.

More than 1000 properties went under the hammer in Melbourne on Saturday, according to Domain, while close to 800 Sydney homes were slated for auction. 

CoreLogic reports a preliminary clearance rate of 75.4% in Melbourne for the week ending Sunday, and 77.5% for Sydney – both up on figures for the previous week. 

Melbourne highlights

The popular eastern suburb of Hawthorn saw two multi-million properties sell under the hammer over the weekend. A 5br, 760sqm metre house fetched $5.51m, the highest disclosed auction sale price in Melbourne for the week. The 1970s brick home was marketed for its views of Fairview Park, the Yarra and the city skyline, and has almost doubled in price since it was last sold 10 years ago for $2.8m.

Nearby, a 4br Victorian circa 1891 sold for $3.35m.

In St Albans in Melbourne's outer north-west, a vacant 141sqm block of land sold for $256,000, the week's most affordable auction sale. The allotment comes with a permit to construct a 3br townhouse.

Domain reports Melbourne's median auction price for the week was $823,500. A dated 4br Fawkner house marketed for its 687sqm block of land sold under the hammer for $821,000.

Sydney highlights

A possibly cooling market did little to cool the enthusiasm of Sydney auction buyers, with one snapping up a rundown 2br, 493sqm semi in Croydon for $1.31m – $210,000 above reserve and roughly on par with Sydney's auction median price of $1.314m.

Also in the inner west in nearby Russell Lea, a freestanding 3br, 934sqm Art Deco residence fetched $5.15m – the city's highest disclosed auction sale price. 

At the other end of the scale, a 2br Yagoona flat with double lock-up garage sold for $440,000, the most affordable sale for the week.

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.