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What happened at Melbourne and Sydney auctions this weekend?

What happened at Melbourne and Sydney auctions this weekend?

The last auction weekend before footy finals fever weekend proved busy and rewarding in both Melbourne and Sydney.

Sydney's auction market bounced back to form last weekend, although once again some sub-regions of the greater metropolitan area performed significantly better than others.

The city's auction clearance rate cleared 70% for just the seventh time so far this financial year, hitting 70.2% from 834 scheduled auctions according to early figures from Domain. This was a decent leap from the year-low rate of 67% posted the weekend before, although well down on the 81.6% recorded in the same weekend last year.

And while regions closer to the city centre such as the inner west and lower north posted clearance rates above 70%, it was a different story further out west in the Canterbury/Bankstown region, where only half of all scheduled auctions successfully cleared.

The south-west posted an even weaker result of just 45.7%.

Melbourne continues to avoid Sydney's fluctuating auction clearance rates, posting yet another healthy preliminary rate of 76% from 1160 listed auctions.

Auction volumes were high in both cities as Melbourne and Sydney gear up for their respective AFL and NRL grand finals next weekend, when NSW workers will also enjoy a Labour Day long weekend.

Melbourne highlights 

In the popular inner-city suburb of South Yarra, a 2br, 150sqm period house with no parking sold at auction for $320,000 above reserve for $1.8m, roughly the suburb's median house price. 

And a little further south in St Kilda, a 4br penthouse with expansive views of the bay fetched $3.61m, the most expensive disclosed auction sale for the week. 

Melbourne posted a weekly auction median price of $800,000 last week according to Domain, about 10% lower than the $881,000 recorded the week before. Several properties sold at auction for this price, including a 2br brick unit with single garage in Surrey Hills, a 3br Reservoir house marketed for the redevelopment potential of its 633sqm block, and a modern 4br, 308sqm house with double remote garage in Fawkner.

At the affordable end of the Melbourne market, a 1br Brunswick unit with parking sold prior to auction for $250,000.

Sydney highlights

In the busy beachside suburb of Manly, a 4br sub-penthouse sold at auction on Sunday rather than the usual Saturday for $2.72m – $220,000 above reserve. 

Also by the water in nearby Balgowlah Heights, a 4br, 568sqm house with impressive harbour and city views sold prior to auction for $4.1m, Sydney's most expensive disclosed sale for the week. 

Sub-$500,000 auction sales continue to prove elusive in the greater Sydney area, with only one recorded last week – a 2br Bankstown unit with double lock-up garage that fetched $461,000. 

Domain reports a weekly auction median of $1.35m for Sydney. Several properties sold at this price, including a 3br, 520sqm freestanding house in Penshurst and a 3br, 702sqm split-level North Rocks home with double garage.  

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.