The residential property market in Sydney and Melbourne continues to bubble along
The upward trend in residential property continues as more sellers test the market
18 November 2019 | (Staff Writers)
Data compiled by property research firm CoreLogic, shows 2,571 homes taken to auction across the combined capital cities for the week ending 16 November, up from 2,412 over the previous week making it the second busiest auction week all year.
Preliminary results show a clearance rate of 74.1 per cent, compared to last week’s final clearance rate of 70.6 per cent. One year ago, 2,745 auctions were held across the combined capitals, with only 42.0 per cent returning a successful result.
Busy week for Melbourne property
Melbourne saw 1,241 homes taken to auction this week returning a preliminary clearance rate of 77.0 per cent. This week was also the second busiest auction week for Melbourne this year. Over the previous week, 1,032 homes were taken to auction, returning a final clearance rate of 71.7 per cent. This time last year, a clearance rate of 41.3 per cent was recorded across 1,401 auctions.
The top auction result across the weekend was $4.05 million for a home in Brighton, in all six properties sold for above $3 million.
Sydney tops list with $7 million sale
There were 932 homes taken to auction across Sydney this week with preliminary results showing a clearance rate of 77.2 per cent. Final clearance rate of 76.8 per cent across a similar number of auctions (948). One year ago, 875 auctions were held across Sydney returning a final clearance rate of 42.8 per cent.
Six Sydney properties went under the hammer for prices in excess of $4 million, the top sale of $7 million was a cliff front in the south eastern beachside suburb of Maroubra.
Across the smaller auction markets, Adelaide saw an increase in auction volumes week-on-week while Brisbane, Canberra and Perth saw fewer homes taken to auction over the week. Tasmania saw no change in auction numbers week-on-week with a total of 5 properties taken to auction.