Sydney mid-November auctions far stronger than Melbourne

Sydney mid-November auctions far stronger than Melbourne
Sydney mid-November auctions far stronger than Melbourne

Sydney has its second busiest auction week of the year, with vendors securing a preliminary clearance rate of 81 percent, according to CoreLogic.

There were 931 homes taken to auction across Sydney over the week with some 600 plus on Saturday.

The previous week saw a final clearance rate of 74 percent across 843 auctions. 

One year ago, 844 auctions were held across Sydney returning a 42 percent clearance rate.

Sydney mid-November auctions far stronger than Melbourne

The top reported national sale was in Sydney's Strathfield at $4.85 million.

The five bedroom 8 Cotswold Road European style offering (pictured below) through Belle was built in 2007 with 500 sqm internal living space.

It last sold at $2.85 million in 2013.

Sydney mid-November auctions far stronger than Melbourne

Adelaide had the cheapest sale across all the capitals at $275,000 at Kersbrook under instructions of the public trustee.

Primrose Cottage had an auction guide of $290,000 through Harcourts.

The two bedroom 1940s cottage sat on 2000 sqm at 22 Scott Street (pictured below). 

Sydney mid-November auctions far stronger than Melbourne

Sydney's cheapest auction sale was $410,000 for a Newtown studio, a 39 sqm second floor corner position overlooking King Street.

It was recently offered as a $430 a week rental, putting the sale at a 5.45 percent gross rental yield.

It had traded at $345,000 in 2014. 

There were 2,375 homes taken to auction across the combined capital cities this week," Kevin Brogan, CoreLogic auction analyst said.

It was up from 1,555 over the previous week.

Preliminary results show a national clearance rate of 72 per cent, after last week’s final clearance rate dropped to 68 percent.

"Once the remaining results are collected, the clearance rate will likely revise below 70 per cent for the second week in a row," Kevin Brogan said.

One year ago, 2,386 auctions were held across the combined capitals, with only 43.3 per cent returning a successful result.

Melbourne saw 1,016 homes taken to auction this week, returning a preliminary clearance rate of 70.8 per cent.

Over the same week last year, a clearance rate of 46 per cent was recorded across 1,127 auctions.

The dearest sale in Melbourne was in Malvern at $4.75 million.

The four bedroom 30 Elizabeth Street house (pictured below) sold, soon after its auction, through RT Edgar who had offered $4.6 million price guidance based on sales.

Sydney mid-November auctions far stronger than Melbourne

Melbourne's cheapest sale was $292,000 at Newport.

The 4/29 Schutt Street offering (pictured below) was a one bedroom garden apartment through Hocking Stuart.

Sydney mid-November auctions far stronger than Melbourne

AMP Capital chief economist Shane Oliver noted Melbourne "looks to have cooled a bit from September, especially relative to Sydney."

He also said sales volumes was up from lows "but still well down from boom time highs."

Across the smaller auction markets, Canberra and Perth saw an increase in auction volumes week-on-week while Adelaide, Brisbane and Tasmania saw fewer homes taken to auction over the week.

There was a big sale on the Gold Coast when the Benowa Waters family home (pictured below) of late developer Con Nikiforides has sold under the hammer for $2.728 million.

Sydney mid-November auctions far stronger than Melbourne

The Gold Coast Bulletin reported that three of the four registered bidders got to bid at the auction.

Tags: 
Auctions Sydney

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