A strong week for auction clearances has pushed Sydney closer to a full ... - NEWS.com.au

107 Shadforth St Mosman Source: Supplied

This house at 107 Shadforth St Mosman sold for $3.725 million Source: Supplied

The vendor made $164,000 in two years at 1 Steel Lane Surry Hills. Source: Supplied

The vendor made $164,000 in two years at 1 Steel Lane Surry Hills. Source: Supplied

SYDNEY has continued its dominance of the auction clearance rates, with 72.8 per cent of properties selling under the hammer in the past week. A total of 511 auctions were held with 372 cleared.

The harbour city edged out Melbourne, which cleared 426 of 598 auctions, for a clearance rate of 71.2 per cent. Canberra and Adelaide were the next best performers with 64.7 per cent and 57.4 per cent respectively. Tasmania continues to languish at the bottom with three of just eight auctions cleared for the whole state.

Sydney's strong week resulted in a 1 per cent rise in capital city home values, contributing to a 2.7 per cent gain for the month. Values are up 4.6 per cent in the year to date and 5.6 per cent since this time last year.

An inner-west family has shelled out $3.725 million for a palatial five-bedroom home at 107 Shadforth St, Mosman, after edging out two local families in a private treaty bidding war.

The stunning house, built circa 1888 and recently renovated, was situated on a 1056 sqm corner block, with an inground pool in the back yard.

It lasted just 14 days on the market, during which time 50 groups inspected and five contracts were issued by Tim Foote and Adrian Bridges of Belle Property Mosman.

The house last sold in 2008 for $3.01 million according to RP Data. The new price represents a capital gain of over $600,000 for the vendors and reflects an improving Sydney prestige market.

The vendor of a Surry Hills terrace has performed a sensational flip, making $164,000 in just two years of owning the two-bedroom, 1 Steel Lane property.

Originally paying $756,000 in 2011, the vendor carried out a kitchen renovation and gave the property a fresh coat of paint, before taking advantage of the current sellers' market and letting buyers fight it out at auction. It sold under the hammer on the weekend for $920,000, after owner-occupiers form Bondi Junction got the better of seven other registered bidders.

"This was a property that deserved great attention," said Mark Foy of Belle Property Surry Hills. "It sits on a rarely offered corner block, has off-street parking and its unique square shape enhanced the sense of space inside. We had fierce bidding on the day and it was a great result."