Auction markets set to spring into the new season

With the first weekend of spring almost upon us, it's predicted the auction market won't disappoint.

Sydney’s winter auction market finished on a high last week by recording a clearance rate above 80 per cent for the fourth consecutive weekend.

According to Domain Group senior economist Dr Andrew Wilson, the 81.9 per cent rate reported was despite a 33 per cent jump in listings with 583 properties going under the hammer well ahead of the 440 auctioned the previous weekend.

“Auction numbers in Sydney have risen steadily over recent weekends, although the 521 auctions scheduled this weekend is lower than last weekend’s 583 auctions, but well ahead of the 212 auctions conducted over the same weekend last year, which was distracted by the federal election,” he said.

“The most popular suburbs for auctions this weekend in Sydney are Surry Hills in the city and east, Wahroonga on the upper north shore, and Alexandria in the inner west, each with seven auctions scheduled.

“Mosman on the lower north shore, Epping and St Ives on the upper north shore, and Ultimo in the city and east each have six auctions listed this weekend,” he added.

Melbourne’s weekend winter auction market finished the season on a high, recording the highest clearance rate since last September.

The 77.7 per cent result reported last weekend was achieved despite a significant rise in listings numbers heralding the start of the spring selling season.

“Auction numbers in Melbourne have risen steadily over recent weekends, although the 696 auctions scheduled this weekend is lower than last weekend’s 770 auctions, but well ahead of the 422 auctions conducted over the same weekend last year, which was distracted by the federal election,” Dr Wilson said.

“The most popular suburb for auction listings this weekend in metro Melbourne is Glen Waverley in the outer east, with 16, followed by Reservoir in the north east with 15.

“Although clearance rates are set to continue at healthy levels, prices growth is unlikely to match the strong results recorded over last spring, with rising affordability barriers and an underperforming local economy acting to constrain growth,” he added. 

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