Melbourne has reclaimed its status as Australia’s top auction market after Sydney had posted the highest clearance rate for 14 consecutive weeks.
Melbourne recorded a clearance rate of 79.5 per cent last weekend, compared to 70.8 per cent at the same time last year, according to APM PriceFinder.
Sales rose 50.6 per cent to 631, with the median price for house sales up 15.8 per cent to $903,000 and the median price for unit sales up 9.5 per cent to $540,000.
There were 174 sales between $1 million and $2 million, 24 sales between $2 million and $3 million, two sales between $3 million and $4 million and two sales above $4 million.
Meanwhile, Sydney’s clearance rate declined from 75.8 per cent last year to 75.4 per cent.
Sales jumped 70.0 per cent to 539, with the median house price increasing 20.3 per cent to $1.3 million and the median unit price increasing 2.7 per cent to $753,000.
Brisbane posted a clearance rate of 63.4 per cent, with the 35 sales achieving a median price of $723,000.
Adelaide posted a clearance rate of 80.0 per cent, with the 32 sales achieving a median price of $550,000.
Across Australia, the clearance rate climbed from 71.3 per cent to 77.0 per cent.
Sales grew 58.9 per cent to 1,263, with the median house price growing 17.6 per cent to $1 million and the median unit price growing 15.9 per cent to $691,000.
PhillipsPantzer Donnelley in Sydney enjoyed the weekend’s best auction result, selling a four-bedroom house in Randwick for $5.15 million.
Jellis Craig Hawthorn achieved Melbourne’s best result, selling a three-bedroom house in Kew for $4.33 million.
[Related: The previous weekend’s results]