Capital city markets back in business this weekend

It may not hit the dizzying heights of the pre-Easter/Anzac Day rush, but the housing market will be back in full swing this weekend with solid auction numbers across the capital cities, according to Australian Property Monitors (APM).

This weekend 617 properties are listed to go under the hammer in Sydney, which is unsurprisingly well ahead of the 279 auctioned over the holiday break last weekend. The harbour city will have to play second fiddle to Melbourne this time around, which can boast 745 properties listed for auction.

Sydney’s inner west suburbs will again host the most number of auctions, with 110, followed by the city and east with 110, the upper north shore with 75, the west with 70, and the south with 64 homes listed to go under the hammer.

Sydney recorded a clearance rate of 78.5 per cent last weekend, which was the third consecutive weekend below 80 per cent, following 10 consecutive weekends with clearance rates at or above 80 per cent.

Melbourne’s western suburbs will host the greatest number of auctions this weekend, with 135, followed by the inner south with 110, the north east with 109, the outer east with 96, and the inner city with 87.

"House price growth in Sydney, while still strong, was markedly lower over the March quarter than that recorded over the December quarter last year, and the latest ABS [Australian Bureau of Statistics] home loan data shows a weakening of owner-occupier finance approvals for home purchases in New South Wales,” said Dr Andrew Wilson, senior economist at APM.

He added that Melbourne’s solid early autumn auction market continues to show signs of moderating, particularly at the budget and mid-price range levels.

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