Auction activity remained robust on Saturday, with Melbourne and Sydney recording clearance rates above 80 per cent.
In Melbourne, 734 properties were sold via auction at a clearance rate of 82.8 per cent, according to APM PriceFinder. This was well above the 72.2 per cent rate recorded in Melbourne on the corresponding day in 2014.
The city’s median price for houses sold at auction on Saturday was $884,500, while for units it was $538,000.
In Sydney, the clearance rate surged to 87.4 per cent on Saturday, with 597 properties sold. This was much higher than the 73.8 per cent rate posted on the same Saturday of last year.
Sydney’s median price for houses sold under the hammer was $1,305,000, while for units it was $752,000.
The most expensive property to be sold at auction on Saturday was in Seaforth, on Sydney’s lower north shore, which went for slightly more than $4.4 million.
Nationally, the clearance rate was 83.1 per cent based on 1,429 sales, well up on the 71.0 per cent booked on the corresponding day last year.