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The change in seasons has spurred on investors in Australia’s two largest cities, with auction clearance rates for Sydney hitting a two-year high.
According to data released by CoreLogic, property investors in the harbour city bought 384 properties out of a possible 522. This led to an 83.1 per cent preliminary auction clearance rate.
Over the previous week, final results showed that 74.5 per cent of the 590 auctions were successful. One year ago, 656 auctions were held across Sydney, returning a final clearance rate of just 50.6 per cent.
The median price of a Sydney unit sold for $950,500, while purchasing a house will set you back $1,350,000.
Australia’s second-largest city also returned positive results. Melbourne was host to 769 auctions this week, returning a preliminary clearance rate of 76.6 per cent.
In comparison, last week saw 768 homes taken to auction, and a final clearance rate of 74.4 per cent was recorded. Over the same week last year, a clearance rate of 60 per cent was recorded across 891 auctions.
The median house price for Melbourne was also a touch over a million dollars at $1,020,000, with investors being able to buy an apartment for $645,000.
Across the smaller auction markets, Adelaide and Brisbane saw lower auction volumes week-on-week, while Canberra saw an increase in the number of homes taken to auction over the week.
The median property price in Brisbane and Adelaide were $647,500 and $890,250, respectively, with no unit data available.
and Tasmania saw no change in auction activity week-on-week. Neither markets have an average cost price available either.