Melbourne auction market outperforms Sydney’s again

Melbourne auction market outperforms Sydney’s again

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Melbourne has recorded Australia’s best auction clearance rate and sales numbers for the second consecutive week.

The city posted a clearance rate of 76.3 per cent last weekend, compared with 77 per cent on the same weekend last year, according to APM PriceFinder.

Sales climbed 3.2 per cent to 550, with the median price for house sales up 13.8 per cent to $908,000 and the median price for unit sales up 9.5 per cent to $539,000.

Sydney’s clearance rate fell from 80.2 per cent last year to 75.1 per cent last weekend.

Sales jumped 28.6 per cent to 512, with the median house price rising 21.8 per cent to $1.34 million and the median unit price rising 0.4 per cent to $745,000.

Across Australia, the clearance rate fell from 75.4 per cent to 74.8 per cent.

Sales increased 12.1 per cent to 1,130, with house prices up 16.5 per cent to $1.03 million and unit prices up 4.1 per cent to $668,000.

Sydney agency Raine & Horne Burwood achieved the weekend’s best result, selling an eight-bedroom Burwood house for $6.50 million.

Castran Gilbert had Melbourne’s top sale, with a six-bedroom Kew house that fetched $4.20 million.

In Brisbane, LJ Hooker Sunnybank Hills sold a six-bedroom Robertson house for $2.50 million.

Canberra’s best result was a four-bedroom Garran house that Cream Residential sold for $1.31 million.

In Adelaide, Belle Property Unley sold a four-bedroom Unley house for $1.17 million.

[Related: The previous weekend’s results]

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