Melbourne ranks as the strongest capital city auction market

Melbourne ranks as the strongest capital city auction market
Melbourne ranks as the strongest capital city auction market

Melbourne ranks as the strongest auction market around the capital city markets recording the highest preliminary clearance rate at 79.4 per cent.

There were the 676 reported auctions sold, CoreLogic calculated.

There were 816 Melbourne properties taken to auction across the city, up from 756 last week when the final clearance rate was recorded at 74.9 per cent.

Over the same week last year, 572 Melbourne auctions were held and a clearance rate of 71.6 per cent was recorded.

The strongest success rate was in Melbourne's North West region, where 90.1 per cent of the 71 reported auctions were successful.

Melbourne's top sale was a Balwyn North offering that sold for $2.668 million as a development site.

Located at 1120 Burke Road, (above) the 993 sqm property with three bedroom 1950s home is surrounded by apartments and townhouses complexes.

The property, which last sold in 1980 for $65,000, was offered through Noel Jones agents David Fileccia and Greg Bowring.

Melbourne's highest home sale was a six-bedroom Georgian-style home at 201 Gore Street, Fitzroy that Domain reported sold to an upsizing family from Northcote for $2.59 million.

Sydney was host to 613 auctions with a 74.9 per cent clearance rate, rising from 69.2 per cent last week across 609 auctions.

"The final clearance rate for Sydney has been trending below 70 per cent for the last six weeks, although it has been nudging higher over the last two weeks," CoreLogic noted.

Sydney's top sale was an award winning house at Manly on the Northern Beaches which fetched $5.2 million.

Located at 5 College Street, the 695 sqm property won the Building Designers Australia award in 2012.

The interiors designed by Hare + Klein have featured in numerous design magazines.

James Cooper of Sanctum Design envisioned the coastal contemporary residence near Manly Beach in Sydney to capture the essence of a relaxed 1950s beach shack in a modern suburban beachside setting.

As well as the Premier's Award for Design Excellence, the beach house won for New residential buildings over 450 sqm.

There were six bedrooms and four bathrooms with the master suite having its own ensuite and balcony.

There was also a self-contained studio/guest apartment.

Outside in the landscaped gardens is a fire pit and heated lap pool plus spa.

The property was offered through Clarke & Humel agents Michael Clarke and Cherie Humel.

Seven of the 15 Sydney sub-regions recorded clearance rates above 75 per cent with the stand out being the Northern Beaches at 92.3 per cent.

In the Eastern Suburbs around 89.2 per cent of listings found buyers, followed by North Sydney and Hornsby (83.6 per cent) and City and Inner South (78.3 per cent) regions.

The combined national capital city preliminary clearance rate rose to 74.8 per cent this week, up from a revised final clearance rate of 69.4 per cent last week, while auction volumes increased week-on-week.

There were 1,712 properties taken to auction this week, up from 1,627 last week, and higher than this time last year, when 1,329 auctions were held and a clearance rate of 67.9 per cent was recorded.

All but Adelaide saw the clearance rate increase week-on-week.

In Adelaide, a 69 per cent preliminary result was recorded across 73 auctions.

Last weekend, the 64 Adelaide auctions returned a clearance rate of 69 per cent for the city.

A sandstone Rose Park house sold for $1.605 million making it Adelaide’s most expensive weekend auction sale.

Located at 8 Hewitt Avenue, the 1900 three bedroom property last sold in 1995 for $307,500.

The preliminary clearance rate in Brisbane rose to 50.6 per cent, from 41.7 per cent last week. Auction volumes were slightly higher this week with 126 auctions held, up from 116 last week.

A two bedroom Indooroopilly unit sold for $292,500 making it the nation's cheapest weekend auction sale.

Located at 3/55 Central Avenue, the 97 sqm property is one of only six in the block.

It was last sold in 1993 for $125,000.

Perth’s clearance rate of 73.3 per cent across 15 auction results was up from last week, when 35 auctions were held and a clearance rate of 46.2 per cent was recorded.

Over the same week last year, the clearance rate was a lower 33.3 per cent, and 22 auctions were held.

Across Canberra, 46 homes were taken to auction on the weekend.

Preliminary results show a clearance rate of 73.3 per cent, up from 68.9 per cent the previous weekend.

A Forrest house sold for $4.22 million making it Canberra’s most expensive weekend auction sale which sold through Peter Blackshaw agent Mario Sanfrancesco..

Located at 5 Moresby Street, the property last sold in 2001 for $2.14 million.

 

Tags: 
Property market Residential Sales

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