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Weekly auction wrap: What you need to know from Sydney and Melbourne

Weekly auction wrap: What you need to know from Sydney and Melbourne

It’s looking less and less likely that the auction markets will slow before the Easter rush, following another strong week for sellers across the country.

Sydney sellers are leading the pack but it's largely good news for sellers across the capitals as the auction markets continue to go from strength to strength.

Last week Sydney recorded a preliminary auction clearance rate of 83.9% across 962 auctions, according to Core Logic. This is up from 77.8% the week prior and 71.8% in the same week last year.

Melbourne was the busiest property market with 1,415 auctions taking place last week. Core Logic reports that the preliminary auction clearance rate in Melbourne dropped to 75.9% last week from 79.6% the week prior. Despite the bump this is still a strong result for sellers in the Victorian capital.

Across the country the combined capital city auction clearance rate rose to 76.2%. This was driven largely by the change in Sydney, although Canberra has been another strong performer this year. Last week Canberra recorded an auction clearance rate of 76.2% across 113 auctions, according to Core Logic.

Sydney highlights

The big news of the weekend was a terrace in Alexandria that sold for $2.01m – meaning it had more than tripled in price in just over ten years. It was by no means the most expensive property sold at auction last week, that title went to a 4br house in Mosman that sold for $5.58m.

Sydney’s median auction price over the weekend came in at $1.355m, according to Domain. This is 15% higher than the median recorded in the same week last year. A 2br house in West Pennant Hills sold for this amount. The home was advertised as ripe for renovation with potential to add a granny flat.

Affordable options in Sydney are still proving elusive. The most affordable property reported sold at auction in Sydney was a 2br unit in Granville that was snapped up for $431,000.

Melbourne highlights

In contrast to Sydney, cheaper options continue to crop up close to Melbourne’s city centre. A 1br unit in Kingsville was the most affordable property reported sold at auction last week, going under the hammer for $210,000.

Domain reports that Melbourne’s median auction price jumped from $755,000 the week prior to $850,000 last week. This was up from $781,000 in the same week last year and enough for buyers to nab a 3br home in Doncaster East and a 4br home in Eltham.

On the other side of the property market two homes sold at auction for over $4m. The most expensive was a 4br Edwardian-style house in Camberwell that sold for $4.76m. A 4br house in Hawthorn came in second place, fetching $4.3m.

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.