Sydney’s weekend auction market has continued to track backwards, with falling clearance rates recorded over the past three weekends.
Last weekend’s 73.5 per cent result was the lowest recorded for four months and the third consecutive result below 80 per cent for the first time this spring.
According to Domain Group senior economist Dr Andrew Wilson, this weekend more than 1,000 auctions are listed in Sydney – the highest-ever number of homes to go under the hammer on a spring Saturday.
“Record numbers of auctions will continue to test a fading market through December to the Christmas break,” he said.
“The upper north shore will host the most this weekend with 146, closely followed by the inner west with 123, the south 134, the city and east 124, the lower north 107, the west 88, Canterbury Bankstown 81 and the northern beaches with 66 scheduled.
“The most popular suburb for auctions this weekend in Sydney is Hunter's Hill on the lower north shore with 15, followed by Mosman, also on the lower north shore, St Ives on the upper north shore, Blacktown in the west, and Castle Hill in the north west, each with 12,” he added.
Melbourne’s weekend auction market has also continued to fade, with last weekend recording the lowest clearance rate not just for spring but for the year so far.
“A surge in late spring auction numbers is impacting market activity with buyers increasingly spoiled for choice,” Dr Wilson said.
“Last weekend 1,154 properties were listed for auction, almost identical to the previous weekend’s 1,153 and well ahead of the 931 auctions conducted over the same weekend last year.
“Auction numbers will rise strongly this weekend, with over 1,300 homes listed to go under the hammer in the metro area – this is well ahead of last weekend’s result and just below the 1,341 auctions conducted over the same weekend last year."
Dr Wilson said Melbourne’s inner city will host the most auctions with 220, closely followed by the inner south with 209, the inner east with 188, the west 185, the north east 165, the outer east 160, the north 109 and south east 49.
“The most popular suburb for auction listings this weekend in metro Melbourne is Richmond in the inner east with 24, followed by Glen Waverley in the outer east and Reservoir in the north east, each with 22. In the inner south, Port Melbourne will host 21 and St Kilda 19.”