Contrasting fortunes for Australia’s two biggest auction markets

It may be too early to call time on Sydney, but Melbourne has now topped the country’s auction rankings for the third consecutive weekend.

Melbourne posted a clearance rate of 75.7 per cent last weekend, compared with 73.8 per cent on the corresponding weekend last year, according to APM PriceFinder.

Sales climbed 8.7 per cent to 639, with the median price for house sales up 12.1 per cent to $900,000 and the median price for unit sales down 2.8 per cent to $495,000.

Sydney’s clearance rate fell from 78.7 per cent last year to 72.4 per cent last weekend.

Sales jumped 19.9 per cent to 500, with the median house price climbing 17.9 per cent to $1.30 million and the median unit price rising 9.5 per cent to $780,000.

Brisbane posted a clearance rate of 50 per cent, with the 43 sales achieving a median price of $795,000, while Adelaide posted a clearance rate of 57.1 per cent, with the 20 sales achieving a median price of $540,000.

Across Australia, the clearance rate fell from 74.1 per cent to 72.8 per cent.

Sales increased 12.7 per cent to 1,233, with the median house price up 14.1 per cent to $1.01 million and the median unit price up 11.5 per cent to $670,000.

McGrath Estate Agents Edgecliff in Sydney achieved the weekend’s best auction result, selling a four-bedroom Elizabeth Bay house for $7.40 million.

Melbourne’s best result was achieved by Marshall White Armadale, which sold a four-bedroom Albert Park house for $4.61 million.

In Brisbane, LJ Hooker Cleveland sold a four-bedroom Cleveland house for $1.88 million.

Klemich Real Estate achieved Adelaide’s best result with a four-bedroom Parkside house that fetched $1.18 million.

[Related: The previous weekend’s results]

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