Sydney and Melbourne are set for another busy weekend of auctions as the market continues its strong performance.
According to Australian Property Monitors (APM), Sydney is scheduled to host 757 auctions, which is the fourth consecutive weekend where volume has exceeded 700.
Over the four weekends in November, there have been 3,065 auctions in Sydney, a 42.7 per cent increase on the same four weekends last year.
Senior economist for APM Dr Andrew Wilson said “Last weekend produced the usual 80 per cent-plus clearance rate for the Sydney market.
“The 80.6 per cent result, although down on the previous weekends 83.7 per cent, was nonetheless remarkably the 17th weekend out of the last 19 that Sydney has recorded a clearance rate above 80 per cent, with the other two weekends just under at 79 per cent.”
The inner west is the most popular suburban region for auctions this weekend with 112 scheduled, followed by the upper north shore with 99, the south with 95, the west with 69, and the city and east and Canterbury Bankstown each with 53.
“Sydney’s weekend auction market will continue to scale new heights with an unprecedented pre-Christmas surge in listings and high clearance rates to remain the market rule,” Dr Wilson said.
In Melbourne, 928 homes have been listed for auction, bringing the total for the first four weekends of November to 3,075, an increase of 14.2 per cent for the same period last year.
“Melbourne continued its consistent spring performance last weekend with another solid result,” Dr Wilson said.
“The weekend clearance rate of 73.3 per cent was almost identical to the previous weekend’s 73.1 per cent, and just below the 74.5 per cent average for spring so far.”
The most popular region is the inner bayside with 157 properties scheduled for auction, followed by the inner city with 139, the west with 134, the inner east with 133 and the north east with 129.