Auction results reveal weakening market
Auction clearance rates in Australia's two largest capitals continue to paint a picture of turning market fortunes, with one city recording consecutive declines.
Sydney’s clearance rate has declined for the third straight weekend and finished behind Melbourne for the fourth consecutive time.
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Over the space of three weekends, Sydney’s clearance rate has fallen from 75.1 per cent to 72.4 per cent and now to 71.3 per cent, according to APM PriceFinder.
The city posted a clearance rate of 78.3 per cent on the corresponding weekend last year.
On a year-on-year basis, sales rose 2 per cent to 460, with the median price for house sales up 4.9 per cent to $1.25 million and the median price for unit sales up 7.6 per cent to $780,000.
Melbourne’s clearance rate increased from 72.7 per cent last year to 74.5 per cent last weekend.
Sales declined 9.1 per cent to 612, but the median house price jumped 16.5 per cent to $920,000 and the median unit price jumped 12.3 per cent to $565,000.
Brisbane posted a clearance rate of 46.8 per cent, with the 29 sales achieving a median price of $589,000.
Adelaide’s clearance rate was 79.6 per cent, based on 39 sales at a median price of $573,000.
Across Australia, the clearance rate remained steady at 72.4 per cent.
Sales fell 4.1 per cent to 1,174, but the median house price climbed 11.3 per cent to $980,000 and the median unit price climbed 10.2 per cent to $675,000.
For the second week running, Sydney agency McGrath Estate Agents Edgecliff achieved the weekend’s best auction result, selling a five-bedroom Woollahra house for $16.1 million.
Marshall White Hawthorn achieved Melbourne’s best result after fetching $7.7 million for a six-bedroom Camberwell house.
In Brisbane, Belle Property South Brisbane sold a five-bedroom house in Holland Park West for $1.88 million.
Toop&Toop Norwood posted Adelaide’s result with a four-bedroom St Peters house that sold for $1.7 million.
