This article is from the Australian Property Journal archive
AN $11 million Sydney home headlined the weekend’s auction wrap in a week that featured at least 1315 auctions nationwide.
According to Domain, a five-bedroom house in Wahroonga on Sydney’s upper north shore sold for $11 million in one of Sydney’s most prestigious suburbs.
A Canterbury property was the most expensive deal from last week in Melbourne as the city achieved a total value sold of $417.3 million.
Melbourne and Sydney continue to dominate the action in the market with most of the listings coming across the two major cities. Of the 1844 national listings, there were 1050 in Melbourne and 555 in Sydney. Of the 1315 auctions, 825 took place in Victoria’s capital and there were 362 in the Harbour City.
Sydney’s most expensive sale was a 3 bedroom house in Woollahra that sold for $6.1 million. Across the other states and territories, Adelaide, Brisbane and Canberra all cracked the $2 million mark in their most expensive sales. A 4 bedroom house went for $2.4 million up at Red Hill in QLD while a North Adelaide home was sold for $2.38 million and a 5 bedroom Narrabundah house in the ACT went for $2.215 million.
Despite Melbourne witnessing the highest value price this week, Sydney is still showing higher median auction prices in houses and units. Sydney’s median auction price for houses is just over $1.6 million while Melbourne’s is short of $1.2 million.
NSW’s capital just breaches the $1 million mark in the median price for units while Melbourne’s is $720,000 – below the national median of $775,000. The median prices however are lower in Sydney this week than they were on the same week last year – dropping at least $200,000 across both houses and units.
The national auction median value has dropped $130,000 for houses and $78,000 in units. We’ve seen some affordable houses sold on auction in the past week too. The cheapest of the lot – a 4 bedroom home in Adelaide went under the hammer for just $311,000 while a 1 bedroom unit in St Kilda went for $372,000. Sydney’s cheapest auction was a $520,000 3 bedroom house in South Windsor.
In Sydney, Ryde has been revealed to have the highest clearance rate with 80% with Melbourne’s inner south having a clearance rate of 75.5%, the highest of any Melbourne sub-region. North Sydney and Hornsby held the most auctions in Sydney with 88 while inner Melbourne held 257.
| Auction Results | ||||||||
| City | Clearance rate | Number listed | Number reported auctions | Number sold | Number w/drawn | Total value sold (million) | Auction median houses | Auction median units |
| This week | Saturday, 22 October 2022 | |||||||
| Sydney | 62.2% | 555 | 362 | 225 | 91 | $212.6 | $1,605,000 | $1,001,000 |
| Melbourne | 64.5% | 1,050 | 825 | 532 | 83 | $417.3 | $1,186,000 | $720,000 |
| National | 63.9% | 1,844 | 1,315 | 840 | 183 | $682.9 | $1,210,000 | $775,000 |
| Last week | Saturday, 15 October 2022 | |||||||
| Sydney | 60.9% | 575 | 463 | 282 | 76 | $296.5 | $1,512,000 | $950,000 |
| Melbourne | 60.7% | 623 | 562 | 341 | 63 | $262.9 | $1,076,850 | $615,000 |
| National | 60.3% | 1,431 | 1,235 | 745 | 153 | $647.3 | $1,135,000 | $768,000 |
| Same week last year | Saturday, 23 October 2021 | |||||||
| Sydney | 74.1% | 693 | 649 | 481 | 76 | $996.8 | $1,980,000 | $1,202,512 |
| Melbourne | 74.5% | 916 | 889 | 662 | 137 | $765.6 | $1,200,000 | $715,000 |
| National | 73.6% | 1,942 | 1,857 | 1,366 | 234 | $2004.4 | $1,340,000 | $853,000 |
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 337B Edgecliff Rd, Woollahra NSW 2025, 3 br House, RW Woollahra | $6,100,000 |
| Melbourne | 41 Victoria Av, Canterbury VIC 3126, 3 br House, Jellis Craig Balwyn | $8,400,000 |
| Adelaide | 41 Molesworth St, North Adelaide SA 5006, 4 br House, Fox Real Estate | $2,380,000 |
| Brisbane | 46 Abraham St, Red Hill QLD 4059, 4 br House, RW Ascot | $2,400,000 |
| Canberra | 19 McKinlay St, Narrabundah ACT 2604, 5 br House, Independent Woden | $2,215,000 |
| Most affordable | ||
| Sydney | 20 Lamont Pl, South Windsor NSW 2756, 3 br House, RW North Richmond | $520,000 |
| Melbourne | 10/194 Alma Rd, St Kilda East VIC 3183, 1 br Unit, Gary Peer | $372,000 |
| Adelaide | 7 Brookside Cl, Davoren Park SA 5113, 4 br House, HAR – Playford | $311,000 |
| Brisbane | 83 Monash Rd, Loganlea QLD 4131, 3 br House, RW Marsden | $440,000 |
| Canberra | 65 Ern Florence Cr, Theodore ACT 2905, 3 br House, Luton Properties – Manuka | $649,000 |
