Sydney's 74% apartment auction success rate pips Melbourne's 73%: CoreLogic

Sydney and Melbourne, the two major apartment auction markets were neck and neck at weekend auctions.

It was a 74% clearance rate for 208 Sydney apartment suctions and 73% for Melbourne's 187 weekend apartment auctions.

There was a $660,000 median in Melbourne and $955,000 median in Sydney.

CoreLogic noted houses have outperformed units throughout the year, recording final clearance rates above 80% for consecutive weeks. 

"This is the first week where the preliminary figure for houses has dipped below 80% with 79.6% of (1621) houses recording a sold result compared to the 74.7% for (421) units," Tim Lawless, the head of research noted.

In Melbourne, auction volumes fell with 925 properties going under the hammer last week. 

Of the 770 results collected so far, 76.1% were successful results.

Compared to last week, a auction clearance rate of 78.1%, later revising down to a final auction clearance rate of 77.3% by final collection.

Over the same week a year earlier, only 144 Melbourne auctions took place with a final clearance rate of 27.9%.

Sydney recorded a preliminary auction clearance rate of 82.1% this week across 777 auctions.

This was lower than last week’s preliminary figure of 84.8%, which later revised down to 81.5% at final results.

Last week a higher 919 Sydney homes were taken to auction.

One year ago,192 auctions were held and a 50.9% final clearance rate was recorded.

Canberra was once again the standout capital city auction market, recording a preliminary auction clearance rate of 97.7% this week. Brisbane recorded the second highest preliminary figure of the smaller capital cities at 76.2%.