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Melbourne continues to dominate auction market

Melbourne has recorded a higher clearance rate than Sydney, as well as the national average, for the fifth consecutive week.

The city achieved a clearance rate of 73.3 per cent last weekend compared with 78.4 per cent on the corresponding weekend last year, according to APM PriceFinder.

Melbourne had 658 sales, with the median price for house sales reaching $835,000 and the median price for unit sales reaching $548,000.

Sydney posted a result of 69.6 per cent last weekend compared with 76.9 per cent last year. Sydney reported 560 sales, with a median house price of $1.28 million and a median unit price of $824,000.

Brisbane posted a clearance rate of 55.6 per cent, with 35 sales achieving a median price of $681,000, while Adelaide posted a clearance rate of 72.9 per cent, with 35 sales achieving a median price of $640,000.

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Across Australia, there were 1,297 sales, with a median house price of $942,000 and a median unit price of $700,000.

Morton Circular Quay in Sydney achieved the weekend’s best auction result with a five-bedroom Darling Point semi fetching $7.75 million.

Melbourne’s best result went to Hockingstuart Brighton, which sold a five-bedroom house in Brighton East for $3.91 million.

First National Cleveland posted Brisbane’s best result, selling a five-bedroom Cleveland house for $2.80 million.

Adelaide’s best auction went to Ouwens Casserly, which fetched $1.30 million for a four-bedroom Malvern house.

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