Sydney vs Melbourne Super Saturday strikes

Sydney will host its first spring 'Super Saturday' of auctions this weekend, with record numbers of auctions expected for the usual pre-Labour Day long weekend climax to the early spring selling season.

A total of 714 homes are set to go under the hammer, which will bring the September auction total to 2,427, just below the record September result of 2,461 reported in 2010. This weekend’s auction numbers, however, will be the highest ever recorded for a September Saturday and present another stern test for the market

The inner west will host the most number of auctions with 110, followed by the upper north shore with 96, the south with 89, the city and east with 87, the west with 71, the south west with 57, Canterbury Bankstown with 54, the lower north with 53 and the northern beaches with 52 auctions scheduled.

The most popular suburbs for auctions this weekend in Sydney are again Mosman on the lower north shore, together with Hurstville in the south, each with 10 auctions scheduled. They are followed by Baulkham Hills in the north west with nine, and a number of suburbs with eight auctions each, including Surry Hills and Maroubra in the city and east, St Ives, Epping and Eastwood on the upper north shore, Lidcombe in the west and Seaforth on the northern beaches.

Despite high listing numbers, Sydney’s early spring home auction market continues to strengthen, recording a stunning 83.9 per cent clearance rate last weekend. This was the seventh consecutive weekend with rates above 80 per cent, with the four-weekend average clearance rate now standing at 83.0 per cent compared to 81.3 per cent over the previous four-weekend period.

This weekend the Melbourne weekend market pauses for the ultimate distraction of the AFL grand final. Just 44 auctions are scheduled to be conducted on Saturday, which is predictably well below the record September weekend of 1,008 homes that went under the hammer last weekend.

Some 2,609 homes were listed for auction in metro Melbourne over the four weekends of September this year, which is an all-time record weekend rate for the month of September in Melbourne. September auction numbers were 19.5 per cent higher, or nearly 500 greater than last year’s 2,183 conducted over the same month.

Melbourne’s outer east will host the most number of auctions this weekend with 13, followed by the west and south east, each with eight, and the inner city and the north east, each with four auctions scheduled.

The most popular suburb for auction listings this weekend in metro Melbourne is Glen Waverley in the outer east with five, followed by Springvale in the south east with three, and a number of suburbs with two auctions scheduled, including Burwood in the inner east, Southbank in the inner city, Vermont in the outer east, Avondale Heights in the west, Dandenong in the south east and Clayton in the inner south.

Melbourne produced another strong result last Saturday for home auction sales, recording a 77.7 per cent clearance rate. This was the fourth consecutive weekend clearance rate above 77 per cent and was achieved despite the usual pre-grand final surge in auction listings.

Last weekend’s clearance rate takes the current four-weekend metro Melbourne average to 78.0 per cent compared to the previous four-weekend result of 74.8 per cent.

The outer east again produced the leading clearance rate of all the suburban regions last weekend with another exceptional 89.9 per cent result. This was well ahead of the rest, led by the inner south with 78.9 per cent, then the north east with 78.4 per cent, the inner east with 77.8 per cent with the highest regional sales reported at 112, and the inner city with an auction clearance rate of 75.9 per cent.

Melbourne’s weekend auction market continues to strengthen with activity levels the highest for five years. Rising competition for properties will result in price increases, although not at the same level as a year ago. Higher house prices are, however, problematic for first home buyers struggling to get into the Melbourne market despite historically low interest rates.

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