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
