Markets up and running after pause

The strong Sydney weekend home auction market resumes this Saturday after the pause in activity last weekend for the Labour Day holiday.

A total of 731 auctions are listed for Sydney, which is predictably well up on last weekend’s total of 250 and ahead of the 714 listed over the same weekend a year ago.

The inner west will again clearly host the greatest number of auctions this weekend with 121, followed by the south with 112, the city and east with 94, the upper north shore with 88, the lower north with 60, the west with 55, the northern beaches with 54, the south west with 53 and Canterbury Bankstown with 49 auctions scheduled.

The most popular suburbs for auctions this weekend in Sydney are Paddington in the city and east, Hurstville in the south, Chatswood on the upper north shore and Wollstonecraft on the lower north, each with nine auctions listed. These are followed by Ashfield in the inner west and Randwick in the city and east, with eight auctions each.

Despite a sharp drop in auctions last weekend, Sydney produced yet another exceptionally strong home auction clearance rate. The 83 per cent result now brings the number of weekend results above 80 per cent recorded by the Sydney market to nine for what has been a remarkably consistent and unprecedented start to the spring selling season. 

Sydney’s four-weekend average clearance rate now stands at 83.0 per cent compared to 82.5 per cent over the previous four-weekend period.

High auction listing numbers will continue to test the Sydney market over coming weekends as vendors rush to take advantage of the still strong spring market conditions.

This week’s predictable decision by the Reserve Bank to leave official interest rates at the current low settings for the 14th consecutive month will help bolster confidence and keep the Sydney market bubbling over the remainder of spring.

Rates are set to remain on hold for the foreseeable future, with some downward bias if the economy – particularly the jobless number – deteriorates. Latest ABS data reports the New South Wales unemployment rate increased to 5.8 per cent over September – the highest monthly result for the year.

Melbourne weekend auction numbers are rising sharply as vendors take advantage of the still robust spring selling season. October is set to break the record for the rate of weekend auctions for that month driven by a record-breaking super Saturday in prospect in a fortnight – the weekend before the Melbourne Cup.

This weekend the Melbourne metro area is scheduled to host 885 auctions – well up on last weekend’s total and similar to the 874 listed over the same weekend a year ago.

Melbourne’s west will again host the greatest number of auctions this weekend with 149, followed by the inner south with 129, the inner city with 126, the inner east with 123, the outer east with 115,  the north east with 113, the north with 86 and the south east with 42.

The most popular suburbs for auction listings this weekend in metro Melbourne are Mount Waverley in the outer east and Reservoir in the north east, each with 17 auctions scheduled. These are followed by Glenroy in the north east and East Hawthorn in the inner east, each with 14; and Glen Waverley in the outer east, Richmond in the inner city, Northcote in the north east, Bentleigh in the inner south and Glen Iris in the inner east, each with 13 auctions scheduled this weekend.

The Melbourne weekend auction market resumed in full stride last weekend following the grand final generated pause in activity the previous weekend.

Some 740 homes went under the hammer in the metro area, which was well ahead of the 44 auctioned the previous weekend. Melbourne’s clearance rate of 75.8 per cent was well below the 84.4 per cent recorded the weekend before. but similar to the 75 per cent recorded over the same weekend last year.

Last weekend’s result was the lowest recorded for six weekends and brings the four-weekend average to 78.8 per cent, compared to 77 per cent average for the previous four weekends. 

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