Auction glory days show no sign of ending

Auction glory days show no sign of ending

Auction
21 July 2015 by Nick Bendel 0 comments

Demand for Sydney property is only getting stronger as the clearance rate passed 80 per cent for the 12th consecutive weekend.

The city posted a clearance rate of 83.1 per cent last weekend, compared to 73.5 per cent for the corresponding weekend last year, according to APM PriceFinder.

Property sales surged 47.9 per cent to 414, with the median price for house sales up 26.0 per cent to $1.2 million and the median price for unit sales up 7.8 per cent to $770,000.

Melbourne’s clearance rate reached 77.6 per cent, compared to 69.7 per cent the year before.

Sales rose 9.3 per cent to 387, with the median house price rising 9.5 per cent to $805,000 and the median unit price rising 13.2 per cent to $523,000.

Brisbane had a clearance rate of 64.9 per cent, with the 37 sales achieving a median price of $740,000.

Adelaide had a clearance rate of 75.0 per cent, with the 24 sales achieving a median price of $467,000.

Across Australia, the clearance rate increased from 69.9 per cent to 79.4 per cent.

House sales climbed 24.6 per cent to 881, with house prices up 15.1 per cent to $921,000 and unit prices up 12.8 per cent to $688,000.

Sydney agency Devine Real Estate Drummoyne had Australia’s best auction result last weekend, selling a seven-bedroom house in Cabarita for $4.7 million.

The top result in Melbourne was achieved by Jellis Craig Hawthorn, which sold a five-bedroom Camberwell house for $3.35 million.

In Brisbane, Paddington Real Estate sold a three-bedroom Paddington house for $1.49 million, while in Adelaide, Harris Real Estate Glenelg sold a four-bedroom Dulwich house for $1.21 million.

[Related: The previous weekend’s results]

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