Just when people were starting to say the property market was losing steam, the preliminary clearance rate across the combined capital cities rose to 77.0% from 74.9% last week and 69.3% at the same time last year.
Weekly clearance rate, combined capital cities
[1]Source: CoreLogic RP Data
Sydney
The freezing weather that blitzed Sydney didn’t keep buyers from bidding on their dream homes, with a clearance rate of 82.6% on the weekend, up from last week’s result of 78.8% and 75.2% the same time last year.
According to research house CoreLogic RP Data, the Inner West, Blacktown and Ryde were the hottest Sydney suburbs on the weekend, with clearance rates of 92.7%, 90.9% and 90.9% respectively.
A seven-bedroom waterfront house in Cabarita was the most luxurious property to go under the gavel at the weekend, for $4.7 million dollars.
According to Domain.com, that same property was purchased 11 months ago by its previous owners for $3.8 million, illustrating the hot profits to be made in this market.
[2]Source: Domain.com
Australian Property Monitors (APM) reported a median sale price of $1.1 million across the 414 properties sold.
Melbourne
Melbourne’s preliminary clearance rate of 74.9%, on the other hand, was slightly down from last week’s result of 77.4% but higher than last year’s result of 68.4%.
The strongest performing Melbourne-sub region was the North East region with a clearance rate of 82.5%.
The median sale price was more than $300,000 less than Sydney’s, with APM reporting median sale price of $726,250 across 387 properties sold.
On the upper end of the price spectrum, a five-bedroom and two-bathroom house in the Melbourne suburb of Camberwell went for $3.35 million.
[3]Source: Domain.com
One of the more affordable properties to go in the Melbourne area was a two-bedroom villa unit in West Footscray for $358,000.
[4]Source: Domain.com
Some of Australia’s smaller property markets also had increases in their auction clearance rate, with Brisbane’s rising from 52.5% last week to 65.4% this week. Adelaide’s results also increased this week to 69.4% from 66.1%.
Capital city auction statistics (preliminary)
[5]Source: CoreLogic RP Data
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