Melbourne auction market continues to outpace Sydney

Sales fell 15.2 per cent to 734, although the median price for house sales rose 2.4 per cent to $802,000 and the median price for unit sales rose 6.7 per cent to $566,000.

Sydney posted a clearance rate of 58.1 per cent last weekend – a significant decline on the 68.6 per cent rate from the year before.

Sales dropped 52.5 per cent to 308, although the median house price jumped 15.7 per cent to $1.25 million and the median unit price climbed 3.1 per cent to $748,000.

Brisbane recorded a 43.0 per cent clearance rate, with the 40 sales achieving a median price of $723,000.

The Adelaide market had a 59.5 per cent clearance rate, with 25 properties sold at a median price of $593,000.

Canberra’s clearance rate reached 51.4 per cent after 37 homes were sold at a median price of $691,000.

Across Australia, the clearance rate fell from 66.5 per cent last year to 63.1 per cent last weekend.

Sales decreased 30.5 per cent to 1,144, with the median house price falling 2.9 per cent to $850,000 and the median house price rising 6.7 per cent to $640,000.

Sydney agency LJ Hooker Seaforth achieved the country’s best auction result, selling a four-bedroom Seaforth house for $5.70 million.

Melbourne’s best result was achieved by Ray White Manningham, which sold a five-bedroom Templestowe house for $4.87 million.

In Brisbane, Professionals Cleveland Real Estate sold a five-bedroom Victoria Point house for $1.48 million.

Adelaide agency Belle Property Unley sold a four-bedroom Millswood house for $905,000.

Canberra’s best result was achieved by Berkely Residential, which sold a five-bedroom Deakin house for $1.49 million.

[Related: Home values increase across combined capital cities]