Sydney auction market improves while Melbourne wanes

After four weekends of decreasing clearance rates, Sydney saw a marginal improvement while Melbourne auctions were overshadowed by the AFL Grand Final.

Since the first weekend of September, Sydney’s clearance rate has fallen from 72.4 per cent to 71.3 per cent, and then to 69.6 per cent before rising to 69.9 per cent over the weekend, according to APM PriceFinder.

The city posted a clearance rate of 75 per cent on the corresponding weekend last year.

On a year-on-year basis, Sydney’s sales rose 9.4 per cent to 197 while the median house price jumped 22 per cent to $1.23 million and the median unit price rose 2.6 per cent to $790,000.

Melbourne was outpaced by Sydney for the first time in six weeks, achieving a clearance rate of 56.3 per cent last weekend compared to 70.6 per cent on the same weekend last year.

Sales in Melbourne fell 96.2 per cent on the previous year to 18 while the median house price rose 1.1 per cent to $718,000 and median unit price couldn't be determined with less than 10 units auctioned over the weekend.

Brisbane posted a clearance rate of 52.8 per cent, with 19 sales achieving a median price of $680,000.

The weekend results in Adelaide saw three sales from a total of five listed auctions, meaning the clearance rate and median price were not statistically reliable.

Sydney’s best result over the weekend went to LJ Hooker Pymble, selling a five-bedroom Turramurra house for $4.2 million.

Jellis Craig Mount Waverley achieved Melbourne’s best result after securing $1.96 million for a five-bedroom house in Mount Waverley.

In Brisbane, the weekend’s best result came from H Realty after fetching $905,000 for a three-bedroom unit in Kangaroo Point.

Adelaide’s best result went to McCammon Real Estate for selling a three-bedroom Glenelg North house for $520,000.

[Related: The previous weekend’s results]


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