Auction sales remain hot in Australia’s two big markets

Sydney and Melbourne have now recorded clearance rates above 80 per cent for two weeks running.

Sydney again led the way, posting a clearance rate of 84.2 per cent last weekend, according to APM PriceFinder.

That was well up on the 73.6 per cent rate recorded the year before.

Sales fell 1.1 per cent year-on-year to 543, although the median price for house sales rose 33.3 per cent to $1.3 million and the median price for unit sales jumped 41.0 per cent to $807,000.

Melbourne’s clearance rate increased from 72.5 per cent to 83.3 per cent.

Sales declined 7.9 per cent to 649, with the median house price up 17.2 per cent to $922,000 and the median unit price up 12.0 per cent to $573,000.

Australia as a whole posted an auction clearance rate of 80.7 per cent, compared to 70.5 per cent the year before.

Sales fell 5.4 per cent to 1,289, while the median house price climbed 18.8 per cent to $1 million and the median unit price grew 11.5 per cent to $681,000.

[Related: The previous weekend’s results]

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