A weekend of high auction clearance rates bodes well for the three weeks leading to Easter, Australian Property Monitors senior economist Andrew Wilson says.
Auction clearance rates in Sydney were at 81.5 %, up from 77.9 % last week, with 682 listings. The median price for houses was $1,025,550 while the median price for apartments was $729,000.
This result was well up on the average prices for the same weekend last year, with Sydney houses at $930,000 and apartments $644,000.
“We are seeing real energy in the prestige market in Sydney,” Wilson told SmartCompany.
“Twenty properties in Sydney sold for over $2 million.”
He says the inner suburbs of Sydney, the lower North Shore and Northern Beaches showed solid results.
“Next weekend in Sydney we have over 800 auctions listed… as people take advantage of the market before Easter and the winter weather,” he says.
In Melbourne the clearance rate for auctions was 73.1 %, up from 69.8 % last week, with 971 properties listed.
The median auction sale price for houses was $760,000, while the median auction sale price for apartments was $528,500.
Wilson says around 1200 properties are listed for auction in the Melbourne metro market next weekend. He says the market in Melbourne is “solid” not “strong” but doing well despite the high February unemployment rate for Melbourne of 7.3%.
In Adelaide, the clearance rate was 62.1 % with 45 houses listed, and in Brisbane it was 63.6 % with 77 houses listed.
The most expensive property sold at auction in Sydney was a five-bedroom house in Mosman, for $5.7 million. In Melbourne it was a five-bedroom home in Canterbury for $3,125,000.
The most affordable property in Sydney was a two-bedroom townhouse in Lakemba for $416,000. In Melbourne it was a one-bedroom unit in Maribyrnong for $230,000.