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Where are Sydney's hottest auction spots?

Where are Sydney's hottest auction spots?

The Sydney property auction market looks to be returning to form overall, but with some parts of the city performing significantly better than others.

Clearance rates for Sydney property auctions continue heading upwards, although the gap between the most and least successful regions for auction activity also continues to widen.

The NSW capital saw a preliminary clearance rate of 75.6% from more than 600 slated auctions, reports CoreLogic RP Data – a jump of almost 3% on the previous week's initial figures.

Sydney's inner west region once again produced some impressive auction sales, with reserves beat and a high preliminary clearance rate of more than 86% (according to CoreLogic) indicating it's a part of town still very much in demand.

By contrast, however, the city's outer regions once again struggled with low volume numbers and clearance rates. Only around 26% of just 22 slated auctions successfully cleared in Sydney's outer south-west, for example.

It was a slightly different story in Melbourne, where the preliminary clearance rate of 70.6% (from 859 slated auctions) was down slightly on the previous week.

Yet unlike Sydney, clearance rates in the Melbourne sub-regions showed a lot less variance. Last week, the city's west was the only region to record a clearance rate above 80%, while the least successful region, the inner east, still saw a preliminary clearance rate above 62%.

Sydney highlights

In Five Dock, a freestanding two-bedroom Federation cottage that had been owned by the same family for almost 100 years sold at auction for $1.37m – around $270,000 above vendor expectations. The 411 square metre home, built in 1918, was offered for sale for the first time in its history.

Still in the inner west, a 3br California bungalow in Earlwood sitting on a 668sqm block fetched $2m – $300,000 over the reserve.

Earlwood was also the suburb in which a freestanding 3br brick house offered for the first time in over five years sold for $1.12m – Sydney's weekly auction median price, according to Australian Property Monitors (APM).

The city's most expensive disclosed auction sale was in the high-end harbourside suburb of Hunters Hill – a 3br, 695sqm absolute waterfront house with private boat ramp that sold for $7.025m.

At the other end of the scale, a 2br Liverpool apartment with parking fetched $370,000, which was Sydney's most affordable disclosed auction sale.

Melbourne highlights

Melbourne's inner region was the busiest for auction activity this week, according to CoreLogic. And several notable sales took place in the city's CBD fringe suburbs.

In Richmond, a 3br designer house with a courtyard and double garage sold for $3.02m.

And a 5br, 480sqm freestanding Victorian sold in the highly sought-after suburb of Albert Park for $7.805m, by far Melbourne's most expensive disclosed auction sale.

By contrast, the most affordable sale was in Craigieburn in Melbourne's north, where a 2br, 299sqm ground floor apartment with garage fetched $242,000.

APM reports Melbourne's weekly auction median was $755,000. An updated 3br Glen Waverley property sold for this price, as did a 4br, 670sqm house in Ringwood East.  

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.