Sydney and Melbourne markets continue to run hot

Sydney and Melbourne markets continue to run hot

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Auction results continue to go from strength to strength in Australia’s big two cities, although the smaller capitals reported weaker results.

Sydney posted a clearance rate of 83.3 per cent for last weekend’s auctions, according to APM PriceFinder.

That compared to a rate of 75.4 per cent for the same weekend the year before.

Sales in Sydney climbed 1.8 per cent to 465, with the median house sale price rising 11.9 per cent to $1.2 million and the median unit sale price rising 24.2 per cent to $821,000.

Melbourne’s clearance rate jumped from 65.1 per cent to 74.9 per cent, with sales up 9.6 per cent to 149.

The median house price increased 25.8 per cent to $803,000 and the median unit price increased 13.3 per cent to $490,000.

Brisbane went backwards over the weekend, with clearance rates falling from 46.2 per cent to 33.3 per cent, and sales falling 52.4 per cent to 20.

Adelaide enjoyed a big jump in its clearance rate, from 67.4 per cent to 85.7 per cent. However, sales dropped 61.3 per cent to 12.

[Related: The previous weekend’s results]

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