Melbourne briefly outshines Sydney in weekend auctions
Melbourne narrowly outshone Sydney with its weekend auction clearance rate. But Sydney retains the strongest market despite some winter weakening.
Australian Property Monitors noted Sydney’s home auction market continued to fade with the weekend’s auction clearance rate falling to 74.1% - the lowest non-holiday weekend result for over a year.
Meanwhile Melbourne’s weekend auction market bounced back recording its best result at 74.6% for seven weeks and the second best result since early March.
It was the second time this year that Melbourne narrowly pipped Sydney in the APM weekend results.
Overall activity in Sydney’s home auction market had shifted down a gear over recent months, according to APM senior economist Dr Wilson who noted initial weekend clearance rates averaging 74.6% over June compared to the 77.6% in both May and April, and the 82.3% averaged in March.
In Melbourne, APM had June weekend averages of 72.7% down slightly on the 74.1% weekend average reported over May,
On the last June weekend Sydney’s inner west had the leading clearance rate of 84.6% followed by the lower north shore with 84.3%.
Melbourne’s outer east produced another strong clearance rate at the weekend to clearly lead the suburban regions with 87.3%. APM senior economist Dr Andrew Wilson noted the outer east had been a consistently strong performer over the past year, with surging activity from mid-priced range changeover buyers fuelling prices growth.
There were two $10 million sales in Bronte but the most expensive Sydney property reported as sold at auction at the weekend was a four bedroom home at 253 Darley Road, Randwick (pictured below) sold for $3,350,000 by Phillips Pantzer Donnelley.
The most affordable property reported sold at the weekend was a three bedroom home at 36 Catalina Road, San Remo (pictured below) sold for $310,000 by R&H Charmhaven.
The most expensive Melbourne property reported sold at auction at the weekend was a three bedroom home at 150 Simpson Street, East Melbourne (pictured below) sold for $2.6 million by Caine Real Estate.
The most affordable property reported sold was a one bedroom unit at 1/11 Findon Street, Hawthorn (pictured below) sold for $235,000 by Jellis Craig.
