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No slowing down for auction markets

No slowing down for auction markets

by Reporter 0 comments

Brendan Wong

Sydney will host another exceptionally high number of auctions this weekend with nearly 800 properties up for sale, according to Australian Property Monitors (APM).

APM reports that 777 homes are scheduled for auction this weekend as more sellers capitalise on the unprecedented strength of buyer activity.

Senior economist at APM Dr Andrew Wilson said: “The Sydney auction market just continues its stunning spring performance with yet another strong clearance rate reported last weekend.

“The sizzling 83.7 per cent result was the highest recorded over the last month and now takes the spring scorecard to an unbelievable 16 weekends out of the last 18 with auction clearance rates above 80 per cent.

“All the more remarkable was that last weekend’s strong result was achieved despite one of the highest weekends for auction numbers ever recorded in Sydney, with 802 properties going under the hammer.”

The most popular region is Sydney’s inner west with 128 properties, followed by the south with 107, the upper north shore with 106, the city and east with 71, and the west with 71.

“And the November auction bonanza is set to continue through to the end of the month, with the real possibility that Sydney may break the 1,000 auction barrier on November 30 with a pre-Christmas last gasp burst of market energy,” Mr Wilson said.

In Melbourne, high listing numbers continue to characterise the city’s auction market and the trend is maintained this weekend.

APM reports that 1,068 are listed for auction, well ahead of the same weekend last year, when 909 properties were auctioned.

“Melbourne recorded another solid auction clearance rate last weekend, following the previous weekend’s mid-season pause for the Melbourne Cup carnival long weekend holiday,” Mr Wilson said.

“Melbourne’s weekend auction clearance rates have been remarkably consistent over spring and last weekend was no exception, with a rate of 73.1 per cent being recorded.

“This was similar to the previous weekend’s 74.5 per cent holiday result, and just under the spring average so far of 74.6 per cent.”

The most popular suburban region for auctions this weekend in Melbourne is the inner city with 178 properties scheduled, followed by the inner bayside with 171, the west with 158, the inner east with 148 and the north east with 136.

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No slowing down for auction markets
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