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Autumn arrives but auction market still runs hot

Autumn arrives but auction market still runs hot

by Steven Cross 0 comments

Autumn has arrived with no real sign of a cooling in Sydney’s residential auction market.

According to Australian Property Monitors senior economist Dr Andrew Wilson, the strong start to the auction season will continue this weekend.

“This weekend the strong buyer and seller momentum is set to continue with another high number of properties listed for auction," he said.

“A total of 619 homes are due to go under the hammer, which as usual is well ahead of last year’s 440 auctions listed over the same weekend.”

The inner west is the most popular region for auctions this weekend in Sydney with 112, followed by the southern suburbs with 97, then the city and east with 81.

February was a record-breaking month for the Sydney auction market with 1,490 homes sold at auction over the month. March is likely to continue the record-breaking trend.

But while the spotlight has been on Sydney’s 80-plus clearance rate for the last few months, Melbourne’s market is also expected to continue performing strongly.

Melbourne’s home auction market produced another solid result last weekend with a metro auction clearance rate of 76.1 per cent. This was above the February weekend average of 75.2 per cent and clearly head of last year’s 65.8 per cent result recorded over the same weekend.

Although this weekend is a typically quieter weekend for auctions compared to the high activity levels of recent weekends, the 226 homes scheduled to go under the hammer is nonetheless higher than last year’s 182 homes over the same weekend.

The most popular region for auctions in metro Melbourne this weekend is the outer east, with 38 auctions scheduled. The next highest is the north east with 37, followed by the west with 36, the inner city with 33 and the south east with 27 auctions listed.

 

Autumn arrives but auction market still runs hot
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