Melbourne weakens while Sydney's 84% clearance rate tops winter's red hot auction results

There was an 84% success rate from the initial 413 reported Saturday Sydney auction results, according to Australian Property Monitors, well up on the 76% revised result for the prior weekend.

There are another 140 results yet to be tallied. Next weekend APM expect around 280 auctions given vendors have decided to avoid the scheduling clash with the federal election.

In Melbourne the REIV reported an initial clearance rate of 74%  this weekend compared to its revised 79% tally last weekend. Its reported 80% success rate was a one-weekend wonder. 

There were 624 auctions reported to the REIV today, with 464 selling and 160 being passed in, 90 of those on a vendor bid. There are about 200 results yet to be included in the tally.
Next weekend the REIV expects around 500 auctions.
Sydney's highest reported auction sale was in Roseville when architectural photographer Rob Tuckwell and his interior designer wife, Susan, put their 1908 Roseville Federation home up for auction with $2.8 million plus hopes.
It fetched $2,965,000.
They bought the 1012 square metre property with four bedroom house in 1996 for $650,000.
There's Peter Fudge-designed gardens with a swimming pool. The couples are downsizing so they can travel more. It was auctioned through Belle Property Killara agent Pamela McCulloch.
There was a $4 million vendor bid at a McGrath auction at 110a Hopetoun Avenue, Vaucluse and another house on Wentworth Road Vaucluse was passed in at $4.7 million through Sydney Sotheby's International.
Marshall White secured the highest reported Melbourne result when 6 Heymount Close, Toorak sold for $4.05 million. Richard Mackinnon sold the distinctive 1970's SJB designed single storey house. It last sold for $1.35 million in 1998.
The Melbourne sale represented 7.4% annual growth over the interim 15 years.
Sydney's top sale reflected 9.1% annual growth over the 17 years.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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