Winter auction market blues to continue

Unsurprisingly, the upcoming weekend is again predicted to be quieter in the auction stakes, with the school holiday in full swing and other mid-winter distractions impacting the market.

According to Domain Group senior economist Dr Andrew Wilson, 402 auctions are scheduled this weekend in Sydney, and although down from the 437 conducted last weekend, it's still 100 more than the 302 homes auctioned over the same weekend last year.

“The inner west will host the biggest number of auctions, with 75, followed by the south with 62, the upper north shore with 49, the city and east with 44 and the south west with 34,” he said.

“The most popular suburb for auctions this weekend in Sydney is Castle Hill in the north west with nine, followed by Hurstville in the south with eight, Maroubra in the city and east, and Pymble on the upper north shore, each with six.”

Dr Wilson said despite the recent fall in clearance rates the winter market still remains encouraging for sellers, with continuing solid competition amongst buyers for properties.

In Melbourne, 472 auctions are to be conducted, which is higher than last weekend’s total, and again significantly higher than the 360 conducted over the same weekend a year ago.

“The most popular region for auction listings this weekend in Melbourne is again the west with 94, followed by the inner city with 68, the north east with 67, the outer east with 66, the inner east with 52, and the inner south with 46 auctions scheduled,” Dr Wilson said.

“The most popular suburb for auction listings this weekend in metro Melbourne is Mount Waverley in the outer east with 10.”

Dr Wilson said Melbourne’s weekend auction market continues to record solid mid-winter results, with a clearance rate last weekend of 71.4 per cent. 

South East Queensland has 132 auctions scheduled for the upcoming weekend, followed by Adelaide with 40, the ACT with 32 and Perth with 11. 

 

promoted stories

REB Events