Melbourne millionaires dominate auction market

Melbourne millionaires dominate auction market

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Melbourne vendors sold twice as many homes at auction as their Sydney counterparts over a busy weekend.

APM PriceFinder has reported 858 auctions in Melbourne over Saturday and Sunday – the second-highest total this year after the 876 auctions in the last weekend of March.

The volume of sales last weekend was 9 per cent higher than the 787 recorded on the corresponding weekend last year. The clearance rate also rose, from 63.5 per cent to 66.2 per cent.

There were 252 sales above $1 million, another 34 above $2 million and another seven above $3 million, as well as one property above $4 million and one above $7 million.

However, the median price for house sales actually fell 3.4 per cent to $819,000, although the median price for unit sales rose 9.9 per cent to $556,000.

The auction market was a lot quieter in Sydney, where the clearance rate declined from 67.5 per cent last year to 58.6 per cent last weekend.

Sales dropped 37.3 per cent to 423, with the median house price up 16.8 per cent to $1.35 million and the median unit price up 10.4 per cent to $795,000.

Brisbane posted a clearance rate of 50.6 per cent, with the 40 sales achieving a median price of $702,000.

Adelaide’s clearance rate reached 60.7 per cent, with 34 properties sold at a median price of $587,000.

Canberra recorded a clearance rate of 57.9 per cent after selling 33 homes at a median of $712,000.

Across Australia, the clearance rate fell from 67.5 per cent last year to 62.8 per cent last weekend.

Sales decreased 13.4 per cent to 1,388, with the median house price climbing 0.8 per cent to $925,000 and the median unit price climbing 3.3 per cent to $620,000.

Melbourne agency Kay & Burton achieved the weekend’s best auction result, selling a five-bedroom Canterbury house for $7.40 million.

Sydney’s best result was achieved by McGrath Estate Agents Lindfield, which sold a five-bedroom Killara house for $7 million.

In Brisbane, Urban Property Agents sold a four-bedroom Indooroopilly house for $1.20 million.

Adelaide agency Belle Property Unley sold a four-bedroom Malvern house for $1.30 million.

Canberra’s best result was achieved by Peter Blackshaw Real Estate Manuka, which sold a four-bedroom Forrest house for $2.32 million.

[Related: The previous week’s results]

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