The auction clearance rate increased from 77.3% last week to 78.0% this week, while week-on-week auction volumes remained fairly steady at 2,205.

Across the same week last year, the clearance rate was 66.6%.

Weekly clearance rate, combined capital cities

Source: CoreLogic RP Data

Melbourne

Melbourne’s auction clearance rate was slightly down, at 78.5% compared to 79.3% last week, but much stronger than last year’s result of 68.3%.

“So far this year, Melbourne’s weekly auction clearance rate has been, on average, 10.6% higher than over the comparable week one year ago,” CoreLogic RP Data notes.

The hottest performing regions across Melbourne this week included the North East and Inner East regions, with clearance rates of 85.8% and 85% respectively.

Capital city auction statistics

Source: CoreLogic RP Data

Australian Property Monitors says the median auction sale in Melbourne on Saturday, June 27 was $752,500. While quite a few properties went for more than $1 million, one of the cheapest properties sold was a three-bedroom home in Melton West for $292,000.

Source: Domain

Sydney

Australia’s market heavyweight – Sydney – experienced a stronger clearance rate of 83.5% this week, compared to 82.4% last week. At the same time last year, 71.1% of homes taken to auction went under the gavel.

The strongest result across Sydney’s regions came from Ryde, with a clearance rate of 90.6%.

According to Australian Property Monitors, the median property price across Sydney for auctions held on Saturday June 27 was $1,057,500. One of the most expensive sales came from Chatswood, where a five-bedroom property sold for a sizable $3.8 million.

Source: Domain

Another four-bedroom property in Collaroy was sold for $3.4 million.

Source: Domain

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