Another round of auction figures has painted a picture of massive year-on-year value gains, but fewer home buyers and investors are managing to capitalise on the increases.
Melbourne continues to have Australia’s most robust auction market, while the Sydney slump continues.
Melbourne recorded a clearance rate of 66.3 per cent last weekend, compared with 65.2 per cent on the corresponding weekend last year, according to APM PriceFinder.
There were 641 properties sold at auction, with the median house price up 5 per cent to $840,000 and the median unit price up 7 per cent to $551,000.
Sydney’s clearance rate fell from 69 per cent last year to 57.5 per cent last weekend.
Sales fell 34.9 per cent to 372, while the median house price jumped 13.6 per cent to $1.26 million and the median unit price jumped 16.8 per cent to $825,000.
Brisbane posted a clearance rate of 43.2 per cent, with the 32 sales achieving a median price of $668,000.
In Adelaide, the clearance rate reached 74.6 per cent, with 50 properties sold at a median price of $579,000.
Canberra recorded a clearance rate of 64.1 per cent, with the 41 sales achieving a median price of $773,000.
Across Australia, the clearance rate fell from 65 per cent last year to 62.5 per cent last weekend.
Sales were down 19.1 per cent to 1,136; however, the median house price climbed 4 per cent to $900,000 and the median unit price climbed 3.8 per cent to $668,000.
Sydney agency Ray White Gladesville & Ryde posted the weekend’s best result, fetching $5.91 million for a six-bedroom Tennyson Point house.
Philip Webb Real Estate Doncaster East achieved Melbourne’s best result with a six-bedroom Balwyn house that sold for $4.88 million.
In Brisbane, Place Estate Agents Aspley sold a six-bedroom Seven Hills house for $1.39 million.
Adelaide agency Gary J Smith Real Estate Glenelg sold a four-bedroom Seacliff house for $1.19 million.
Canberra’s best result was achieved by Peter Blackshaw Real Estate Woden & Weston Creek, which sold a five-bedroom Bruce house for $1.70 million.