Multimillion-dollar sales power hot auction market

Sydney’s auction clearance rate has passed 80 per cent for the 11th consecutive weekend, with 21 properties selling for more than $2 million.

The city posted a clearance rate of 80.04 per cent last weekend, compared to 75.5 per cent for the corresponding weekend last year, according to APM PriceFinder.

Property sales jumped 37.4 per cent to 397, with the median price for house sales up 21.5 per cent to $1.2 million and the median price for unit sales up 12.5 per cent to $767,000.

There were 16 sales above $2 million, another three above $3 million and two more above $4 million.

Cobden & Hayson Drummoyne had Australia’s best result of the weekend, selling a three-bedroom house in Chiswick for $4.45 million.

Melbourne’s clearance rate reached 79.2 per cent, compared to 68.7 per cent the year before.

Sales increased 10.2 per cent to 346, with the median house price climbing 0.9 per cent to $715,000 and the median unit price climbing 26.5 per cent to $547,000.

The city’s best result was achieved by Biggin & Scott Brighton, which sold a four-bedroom unit in Sandringham for $3.30 million.

Brisbane had a clearance rate of 52.0 per cent last weekend, with the 26 sales fetching a median price of $728,000.

LJ Hooker Cleveland led the way, achieving a $1.7 million result for a four-bedroom house in Raby Bay.

Adelaide had a clearance rate of 67.9 per cent, with the 19 sales attracting a median price of $542,000.

The city’s best result was achieved by LJ Hooker Kensington, which sold a four-bedroom Unley house for $1.20 million.

Across Australia, the clearance rate rose from 69.5 per cent to 77.8 per cent.

Sales volumes climbed 19.6 per cent to 806, with house prices up 12.3 per cent to $873,000 and unit prices up 16.0 per cent to $681,000.

[Related: The previous weekend’s results]

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