The Aussie auction market has had its hottest run in four weeks, with a preliminary clearance rate across the combined capital cities of 78.1%.

Research house CoreLogic RP Data notes that, probably due to the school holidays, total auction volumes of 1,626 were significantly lower than last week’s 2,249, but higher than last year’s result of 1,442.

Weekly clearance rate, combined capital cities

Source: CoreLogic RP Data

Melbourne

Melbourne’s auction clearance rate was 76.7% this week, following last week’s result of 78.5% and 71.4% last year. Melbourne had just 617 total auctions this week, compared to 1,007 last week.

The stand out sub-regions in Melbourne included the Outer East region, where 93.7% of homes were sold. That was followed by the Inner East, which had a clearance rate of 85.7%.

According to Australian Property Monitors, one of the most expensive properties to sell at auction over the weekend included a three-bedroom unit in Port Melbourne for just over $2.5 million.

Source: Domain

But if you don’t want a Penthouse overlooking Port Phillip Bay, properties can come much cheaper, like this five-bedroom house at Craigieburn, which went for $459,000.

Source: Domain

Sydney

The clearance rate for Australia’s market heavyweight – Sydney – was 84.5% this week compared to 82% last week. Just one year ago, Sydney’s clearance rate was 72.4%.

The strongest performing Sydney region at the weekend was Sutherland, where 92.8% of auctions were cleared. That was followed by the Inner South West and Baulkham Hills and Hawkesbury regions – with clearance rates of 92.1% and 91.6% respectively.

Capital city auction statistics (preliminary)

Source: Core Logic RP Data

The median price for properties sold at auction in Sydney was $975,000, according to Australian Property Monitors. Out of the 380 reported auctions sold, many went for over the one million dollar mark. If you were wondering about the more reasonable areas to buy in the hot Sydney market, a studio apartment in Sydney’s inner west (Ashfield) went for $382,000.

Another more reasonably priced three-bedroom house was sold in the Western Suburbs of Sydney (Blacktown) for $670,000.

Source: Core Logic RP Data

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