Steady as she goes for property

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Healthy returns were recorded in the national auction market this week, with a preliminary weighted average clearance rate of 70.8% across the combined capital cities.

That compared to 74.1% last week, and 72% this time last year.

Weekly clearance rate, combined capital cities

Research house RP Data, says there has been robust growth in national auction volumes this year. Not including this week, there have been around 61,000 auctions held across the capital cities – nearly 34% more than last year.

The top performing capital city of Sydney recorded a clearance rate of 78.3% this week, coming in slightly lower than last week’s 80.1%.

Capital city auction statistics (preliminary)

Melbourne’s clearance rate was 70.5% this week, compared to 76.6% last week. Melbourne also had a huge amount of properties go to auction this week – cracking the 1,000 mark – and this increase in auction volumes has naturally translated into more sales.

RP Data says that for every four homes sold in Melbourne at auction last year, there have been five homes sold this year.

Capital city private treaty median prices

Despite the median property prices stated in the table above, there were also many prestige auction sales sitting well above these amounts. According to Dr Andrew Wilson of the Domain Group, there were 28 sales reported above $2 million sold in the Sydney region.

The most expensive property reported sold at auction in Sydney was a four-bedroom home in Annandale, which sold for just under $3 million. The upper north shore reported the highest clearance rate of all the Sydney suburban regions, followed by the south and the inner west.

Melbourne’s auction market was not dominated by the inner east or outer east suburban areas, for a change. Instead, it was the north east that produced the highest clearance rate at the weekend, followed by the outer east, and then the inner south.

The most expensive property reported sold at auction in Melbourne at the weekend was a four-bedroom home in South Yarra, which went for $2,955,000.

Important: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. Consider the appropriateness of the information in regards to your circumstances.

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