Tale of two cities

Sydney apartment prices fall while Melbourne moves higher

6 July 2020 | Dr Andrew Wilson, My Housing Market

Melbourne’s Inner City region recorded the highest regional auction clearance rate at the weekend at 74.8%, reflecting particularly strong results from unit auctions.

School holidays tend to moderate auction activity in higher-priced, inner-suburban areas, however the release this week of another 10,000 national places for the First Home Buyer Deposit Scheme may have boosted sales activity for lower-priced units, particularly in popular inner-city suburbs.

Melbourne’s median prices for houses reported sold at auction at the weekend of $822,500 was 0.2% higher than recorded over the same weekend last year. However, the median auction price for units of $695,000 was up strongly by 10.1% over the year.

Sydney’s Eastern Suburbs under-performs

Sydney’s Eastern Suburbs recorded the lowest regional clearance rate at the weekend at 66.6%, well behind the Central Coast, the North West and the West all at 84%.

The normally resilient Eastern Suburbs market also saw a fall in apartment prices.

Sydney’s median price for houses reported sold at auction at the weekend of $1,250,000 was 1.9% higher than recorded over the same weekend last year. However, the median auction price for units of $695,000 was down by 18.4% over the year.

Dr Andrew Wilson is Chief Economist of My Housing Market

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