Rebound for auction markets
Last weekend’s auction results saw improvements across Australia's largest property markets, following speculation that dramatic declines were a sign of slowing growth.
Sydney, Melbourne, Brisbane and Adelaide's auction markets recorded improvements over the weekend, with Melbourne seeing significant growth.
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Melbourne recorded a marked improvement over the previous weekend, going from 56.3 per cent to 74.2 per cent, according to APM PriceFinder.
Sales in Melbourne rose 23 per cent on a year-on-year basis to 737; the median house price increased 11.2 per cent to $875,000 and the median unit price rose 0.7 per cent to $540,000.
Sydney recorded a second week of growth, going from 69.9 per cent to 70 per cent.
Despite the marginal increase over the previous week’s results, Sydney’s clearance rate is lower than the corresponding weekend last year when it posted a rate of 73.7 per cent.
Sales in Sydney increased 2.7 per cent on a year-on-year basis to 533 as the median house price jumped 17.3 per cent to $1.275 million and the median unit price rose 7.9 per cent to $820,000.
Brisbane posted a clearance rate of 75.9 per cent with 22 sales and a median price of $572,800.
In Adelaide the weekend’s clearance rate was 66.7 per cent with a median price of $540,000.
LJ Hooker Lane Cove in Sydney achieved the weekend’s best auction with a five-bedroom Chatswood house fetching $6.05 million.
Jellis Craig Hawthorn recorded Melbourne’s best result over the weekend with a four-bedroom house in Hawthorn going for $3.56 million under hammer.
LJ Hooker Cleveland posted Brisbane’s best auction for fetching $1.04 million for a three-bedroom Ormiston house.
Adelaide’s best result went to Ouwens Casserly for selling a four-bedroom house in Unley for $1.6 million.
Read more:
Australia's worst-performing suburbs revealed
Property verus shares - investors have their say
Exclusive series: The 6 week property transformation - episode 6
What's stopping you from succeeding in property investment?
Investing in property for fast profit is risky business
