The auction market remained strong last week, with the preliminary clearance rate for the combined capital cities coming in at 77.7%, compared to 75.4% last week and 67.9% at the same time last year.

Prior to this week, the year to date clearance rate across the combined capital cities was 76.9%, according to CoreLogic RP Data.

Weekly clearance rate, combined capital cities

However, the two market heavyweights – Sydney and Melbourne – are displaying some signs of cooling as their clearance rates, despite being solid, continue to trend lower.

Capital city auction statistics (preliminary)

Sydney

Sydney’s clearance rate increased this week to 82.7% from 79.7% last week, and 75.4% at the same time last year.

“Since mid-August, Sydney’s auction clearance rate has been trending downwards, after the city has seen a record strong performance over the first six months of the year,” notes CoreLogic RP Data.

However Sydney continues to display the best clearance rate of all the capital cities, with sub-regions such as Ryde, the Eastern Suburbs, and the Inner West exceeding 90%.

The top sale in Sydney (over the past week) was located in the North Shore suburb of Hunters Hill. This five-bedroom, five-bathroom, and three-car house property went for $6 million.

According to auction results recorded by Australian Property Monitors, the median sale price across 470 properties sold in Sydney was $980,000.

Melbourne

This week, Melbourne recorded a preliminary clearance rate of 76.5% compared to 76.0% last week, and 68.5% at the same time last year.

Three Melbourne sub-regions had clearance rates that exceeded 80%, including the Outer East, North West and North East.

This four-bedroom, five-bathroom and two-car house property in Melbourne’s Balwyn North went for $2.93 million dollars.

Australian Property Monitors said that across 431 properties sold in Melbourne, the median property price was $708,500 – over $270,000 less than Sydney’s.

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