Weekend auction wrap: where the hammer fell
Neither Sydney nor Melbourne has enjoyed any clear ascendancy when it comes to the highest weekend auction clearance rates. Indeed, for most of this year the title of best-performing capital city has yo-yoed between the two. Adelaide briefly took line honours on one weekend earlier this month. It has now been 12 weeks that Melbourne’s weekend auction clearance rate has been stuck below 60%. Sydney’s has been there since February.
Sydney’s weekend clearance rate from the preliminary 204 results compiled by Australian Property Monitors. There were 242 auctions held in Sydney, which was 22% down on the 314 auctions on the third Saturday in July 2010. Clinton McNabb at APM says there are about 290 auctions due next weekend. After some further results came in from the July 9 auctions, Sydney recorded a 52% clearance rate, slightly lower than the 53% published figure.
Melbourne’s weekend clearance rate from the preliminary 377 results compiled by the Real Estate Institute of Victoria. There were 584 auctions held in Melbourne on the third Saturday in July 2010. REIV chief executive Enzo Raimondo says there are about 495 auction due next weekend. After some further results came in from the July 9 auctions, Melbourne recorded a 53% clearance rate, slightly lower than the 56% published figure from the initial Saturday results.
The release of the REIV's June quarter median prices shows the median price of Melbourne houses sold at auction increased 1.2% to a $730,000 median, while those sold at private sale rose 1% to a $500,000 median.
The weekend’s highest sale was a four-bedroom, late-Edwardian residence at Aberfeldie. It had been marketed as likely to fetch between $1.4 million and $1.54 million through Fabian Rosin at Nelson Alexander Essendon. Aberfeldie is nine kilometers north west of Melbourne.
A three-bedroom house on Bourke Road in Melton South on the outskirts of Melbourne was the weekend’s cheapest sale.
Sydney’s cheapest sale was a two-bedroom house at Merrylands through Jas Singh at Laing + Simmons Merrylands. There were three bidders.
