Boom time clearance rate for Sydney, Melbourne auctions

Melbourne hosted the highest number of February auctions on record over the weekend and recorded a boom time clearance rate according to Domain's Dr Andrew Wilson.

He said Sydney had its third consecutive weekend clearance rate above 80 percent over the weekend.

"It was the first Super Saturday of auctions in Sydney with a February record of 940 homes listed, which was significantly ahead of the 674 auctioned the previous Saturday, and the 654 offered over the same weekend last year," he said.

"The previous February record for Saturday auctions was 785 in 2014.

"Inner-suburban, higher-priced suburban regions dominated the results in a pattern that has been consistent in Sydney over the past year.

"The Blue Mountains had a 100 percent clearance rate at the weekend, although only a single reported auction. Next highest clearance rate was the upper north shore with 86.9 percent, followed by the inner west with 85.6 percent

"The city and east recorded 84.2 percent and the highest sales at 117, the lower north scored 83.8 percent and the northern beaches 82.5 percent.

"Melbourne recorded a remarkable clearance rate of 82.4 percent on Saturday, which was higher than the 79 percent the previous weekend, and well ahead of the 75.3 percent over the same weekend last year.

"All of Melbourne’s suburban regions recorded strong clearance rates at the weekend with the early-season market now in full swing and regional results resembling the consistency and narrow range of outcomes typical for most of last year.

"And again similar to last year, lower priced outer-suburban regions continue to record the highest results. 

"The south-east recorded the highest clearance rate on Saturday with 88.1 percent followed by the north-east 86.3 per cent and the west had 85.9 percent with the highest number of sales at 152."

In Melbourne, 17 Spring Road, Malvern (above) sold for $5,075,000 over the weekend. 

Sydney's most affordable sale was at 28/144 Moore St, Liverpool. The two bedroom unit sold for $423,500 (below).