Big price jumps recorded at weekend auctions

Strong results in Australia’s two biggest markets helped pushed the national clearance rate to above 80 per cent last weekend.

Sydney recorded an auction clearance rate of 85.1 per cent last weekend, according to APM PriceFinder, well above the 69.8 per cent rate recorded on the corresponding weekend in 2014.

Auction sales rose 7.9 per cent to 274, with the median price for house sales up 19.1 per cent to $1.1 million and the median price for unit sales up 9.9 per cent to $753,000.

Melbourne’s clearance rate jumped from 64.7 per cent last year to 84.5 per cent.

Sales declined 2.1 per cent to 142, however, the median house price increased 1.9 per cent to $703,000 and the median unit price jumped 10.5 per cent to $564,000.

Nationally, the clearance rate recorded a big increase, from 65.1 per cent to 81.5 per cent.

Sales grew 0.4 per cent to 464, with house prices up 18.9 per cent to $923,000 and unit prices up 20.5 per cent to $735,000.

The top auction results were $3.5 million for a six-bedroom house in the Sydney suburb of Blakehurst and $3.3 million for a four-bedroom house in Camberwell, Melbourne.