Sydney's prestige subdued with just the two weekend auction sales above $2 million

Sydney's prestige market remains relatively subdued, with little activity and even price falls in Point Piper.

Australian Property Monitors reported just two auction sales at the weekend above $2 million. There was a very healthy 75.5% recorded over the weekend in Sydney, the second highest recorded this year.

Sydney's pricey east was none-the-less one of the best performing weekend districts with a clearance rate of 82%.

There was an average sale price of $1,085,875 in the city and east.

Dr Andrew Wilson from APM said the result was achieved despite the school holidays and bad weather.

"The auction market hasn’t been this strong since the start of 2010 – weekend auction clearance rates have been averaging 72% over the past three months.

"They’re about 15 percentage points higher than at the same time last year," he wrote on Fairfax Media.

The weekend's most expensive property reported auction was a five-bedroom Strathfield house sold at $2.35 million.

The newly completed Pemberton Street sold through Raine & Horne Burwood agent Guy Lorello and Victor Soo.

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It last sold at $1.25 million in early 2011 as a one-storey brick cottage (pictured below).

There was also a Point Piper apartment that sold through McGrath agent Peter Starr on Wolseley Road for $2,165,000. The four-bedroom apartment had previously sold in similar renovation style at $2.42 million in  2007. There were 12 bids from the two competing registered bidders.