Another big auction weekend set for Sydney and Melbourne: APM

This weekend marks the first day of the autumn selling season and Sydney and Melbourne are set for another big Saturday of sales, according to Australian Property Monitors (APM).

In Sydney, 679 homes are scheduled to go under the hammer, over 200 more than the 455 listed over the same weekend last year.

“Despite high auction numbers last Saturday, Sydney produced another exceptional clearance rate,” APM senior economist Andrew Wilson said.

“The 86 per cent result was the highest for the year and the highest recorded since the low volume general election day on September 7 last year,” he said.

The inner west is Sydney’s most popular region for auctions this weekend, with 102.

Next highest is the upper north shore with 75, followed by the south with 73, the city and east with 62, Canterbury Bankstown with 61, and the lower north with 59 auctions listed.

Melbourne can expect similar levels of enthusiasm, Mr Wilson said.

“The February auction market has produced steady, solid results, with last weekend reporting the highest auction clearance rate of the year so far, indicating perhaps some strengthening of buyer demand,” he said.

“This weekend will present another test for the market with 1,091 properties listed for auction. This follows last weekend’s 1,132 auctions and reflects the usual surge of auctions prior to the break for the Labour Day holiday next weekend.”

Sellers remain confident in the local marketplace, with 2,123 listings over the past two weekends clearly higher than the 1,843 listed over the same two weekends last year, Mr Wilson said.

The most popular region for auctions in metro Melbourne this weekend is again the inner city, with 232 auctions scheduled.

Next highest is the inner south with 175, followed by the inner east with 160, the west with 155, and the north east with 134 auctions listed.

 

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