While still recording a clearance rate above 80 per cent, Sydney’s auction performance has been slowly trending downwards for a number of weeks in the lead-up to ‘Super Saturday’.
The 80.6 per cent result kept this year’s unbroken sequence of 80 per cent-plus weekend auction clearance rates intact, now stretching back 10 weeks. However, the outcome was the lowest clearance rate recorded since the first weekend of the season.
“Early signs are emerging of a slight weakening in auction market activity, with the auction clearance rate trend over the past six weeks falling gradually,” said senior economist at Australian Property Monitors Dr Andrew Wilson.
“A moderation in auction activity is no real surprise given record numbers of auction listings being offered to the market over recent weeks.”
A total of 838 homes were listed for auction at the weekend, which was the highest number for the year so far.
But next weekend is expected to truly test the mettle of the city’s auctioneers when the all-time record for auctions conducted on a Saturday is expected to be smashed.
“The Super Saturday to end all Super Saturdays will arrive with next weekend’s pre-Easter crescendo set to smash through the 1,000 auction barrier for the first time,” said Dr Wilson.
A total of 1,087 properties are scheduled for auction so far, which will present the hereto unflappable local market – which has met every challenge since last spring – with its biggest test ever.
Melbourne produced another moderate auction clearance rate at the weekend with high listing numbers continuing to facilitate a fine balance between buyers and sellers.
Melbourne’s weekend rate of 71.8 per cent was up just a touch from last weekend’s 71.5 per cent, with a clear weakening of the trend in auction activity over recent weeks.
“A total of 1,242 homes are set to go under the hammer in the metro area, which will certainly test the underlying strength of a market that has shown some signs of waning in recent weeks,” Dr Wilson said.