The latest auction results for four of Australia’s largest capital cities revealed a mixed result for the last weekend before the traditionally lucrative spring sales period.
Sydney’s auction market recorded a very slight recovery over the weekend, while Melbourne’s market recorded a significant boost.
The auction clearance rate for the Sydney market, as recorded by Domain, was 74 per cent – a 1 per cent increase over the previous weekend’s results.
That result marks the sixth consecutive weekend that the Sydney market has failed to reach a clearance rate of 80 per cent.
Melbourne recorded a clearance rate of 79 per cent, an 8 per cent increase over the previous weekend’s result and a 1.4 increase year-on-year.
Brisbane recorded a clearance rate of 53 per cent, an 8 per cent increase over the weekend prior.
Adelaide recorded a decrease in the clearance rate, 61 per cent compared to the previous weekend’s 67 per cent.
Melbourne may be emerging as the stronger auction market, but the price of housing stock being cleared in Sydney remains far above that of other capitals.
The median weekend sales price in Sydney was recorded at $1,110,000.
By comparison, Melbourne’s weekend median was $797,500.
Brisbane’s median was recorded at $670,000, while Adelaide recorded a figure of $475,000.