Spring market boost delivers largest auction clearance rate in 2 years

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.

Perth and Tasmania saw no change in auction activity week-on-week. Neither markets have an average cost price available either.