Clearance rates high but sales activity low

Anzac Day commemorations have put the brake on Sydney and Melbourne’s rampaging auction markets.

Australia’s two biggest cities reported a combined 81 property sales last weekend, compared to about 2,000 the fortnight before, according to APM PriceFinder.

There were 30 property sales in Sydney at a clearance rate of 78.9 per cent.

The median price for house sales reached $882,000, which marked a 6.7 per cent increase on the corresponding weekend last year.

Melbourne’s auction market was more active, with 51 properties sold at a clearance rate of 86.4 per cent.

The median price for house sales jumped 30.3 per cent to $793,000.

Meanwhile, Adelaide and Brisbane had 17 properties listed for auction last weekend, but none were sold, according to APM PriceFinder.

[Related: The previous weekend's results]

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