The nation-wide auction clearance rate was 84% on the weekend, showing that low interest rates are still driving strong demand for property. But by going around the country, noting clearance rates and looking at properties that sold for around $1 million, we can see just how different markets are from city to city.

In Sydney, where the clearance rate was 84% (CoreLogic), a two-bedroom terrace at 21 Caroline Street, Redfern sold for $1,096,000.

Romany Brooks, of BresicWhitney Darlinghurst, told The Real Estate Conversation, "We had over 130 groups come through the property, which is in a highly sought after inner-city location, has a great sense of community, and is close to transport."

Brooks said there were six registered bidders on the night, and the property ended up selling for $1,096,000, a record for the row of Victorian terraces.

In Melbourne, where the clearance rate was 79%, a five-bedroom house in Altona North sold for $1,085,000.

This five bedroom home at 45 Hearn Street, Altona North, sold for $1,085,000. Source: First National. 

Mem Marleno, of First National Rickdale Real Estate, said the house has strong character, which was very appealing to buyers. There were three bidders on the night. 

Marleno said, "I personally think the market is still strong. There are more buyers than sellers, so prices are still going up."

In Brisbane, where the clearance rate was 58%, a five-bedroom home at 348 Riding Road, Balmoral, sold by private treating for $985,000 during the week.

This five bedroom home at 348 Riding Road, Balmoral, sold for $985,000. Source: McGrath. 

Gemma Kunst, of McGrath Bulimba told The Real Estate Conversation, the vendor was very happy with the price, adding, "We actually had back-up offers of a similar price. It was because of its location, and it had the option to be converted to mixed use."

Kunst said the property was on the market last year with a different agent, and only received an offer of $850,000. "Fast forward a year," said Kunst, "and we achieved a result well and truly above that in week one."

Kunst said supply is low around Balmoral, so there is strong demand for properties that do come onto the market. She said spring was also helping sales, and the market was still in a rebound after slowing down during the election campaign.

In Adelaide, where the clerance rate was 81%, a four-bedroom home at 2 Victoria Street, Goodwood, sold for $867,000, which was above the reserve price.

Image: Ouwens Casserly.

In the Darwin, where the clearance rate was 40%, an eight-bedroom house on 1,390sqm of land sold for $1 million.

Image: Real Estate Central - Darwin City.

In Perth, the auction clearance rate was only 17%; most properties that went to auction were passed in. A six-bedroom house at 28 Ruislip Street, West Leederville, sold through private treaty on Friday for $1,015,000.

Image: Bexleys Real Estate.

Tracy Lee, of Bexleys Real Estate, said there was strong interest in the property because of its unique and attractive appearance. The timber home was built in 1914, and has been remodelled, and has views from the top floor.

Lee said the Perth market is normalising after recording strong gains during the mining boom. "Prices go in cycles," she said. 

"There is still active interest in property. Property is now more affordable, so people are using the opportunity to upgrade or improve their lifestyle," said Lee.

In Hobart no clearance rate was recorded. A four-bedroom home on 7 acres with water views sold for $1,060,000. 

Image: Charlootte Peterswalk For Property Sales - Battery Point.

See also:

What type of property does $5 million buy around the world?

Auckland average property price hits $1m

Auction clearances suggest low rates have reignited property boom

Two-tier property market poses problem for policy makers