Sydney beats Melbourne at auction

Auction activity improved slightly in Sydney this weekend, with the capital city clearing over 62 per cent of all listed properties.

This is a marked improvement on last weekend’s results, when just 54.5 per cent of properties sold under the hammer.

The most expensive property sold at the weekend was a $2.6 million five-bedroom house in Strathfield, while the cheapest was a three-bedroom home in Wyong, which sold for $240,000.

But while Sydney’s clearance rate picked up, Melbourne’s was down again.

The capital city cleared 60.4 per cent of properties – down from the 63.8 per cent cleared last weekend.

Australian Property Monitors’ Andrew Wilson said the property fundamentals were stronger in Sydney than Melbourne.

“I think there will be some price growth in Sydney in the second half of the year,” he said.

Sydney beats Melbourne at auction

Staff Reporter

Last Updated: 14 March 2011 Published: 14 March 2011

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Written by Staff Reporter

Last Updated: 14 March 2011

Published: 14 March 2011