Sydney’s residential auction clearance rate fell just shy of hitting 80 per cent, but was still much higher than expected.
Auction clearance rates have been tipped to continue to trend downwards and stabilise as the market heads into winter. However, the latest data from Australian Property Monitors (APM) suggests Sydney is still kicking.
“The Sydney rate of 79.3 per cent, however, was still just shy of the 80 per cent benchmark that had been typical of the market from August last year to March this year,” said senior economist at APM Dr Andrew Wilson.
“The market slipped over the month following the Easter break, with clearance rates falling and last weekend’s 74.9 per cent the lowest rate recorded since June last year.
“This weekend’s strong result was achieved despite high auction numbers, with 816 properties listed to go under the hammer - well ahead of last weekend’s 599 auctions and the 422 auctioned over the same weekend last year.”
Melbourne also performed strongly, especially seeing as buyer activity appears to have elevated since the ANZAC Day holiday.
“Melbourne’s healthy weekend clearance rate of 74.3 per cent follows last weekend’s 75.6 per cent result and brings the four-weekend average to 74.1 per cent.
“Melbourne’s auction market had appeared to be slipping but since the ANZAC Day break, buyer activity has lifted despite high auction numbers.”
Melbourne’s outer east produced yet another outstanding performance at the weekend again, recording the highest clearance rate of all the regions with an extraordinary 89.4 per cent.
Next weekend, metro Melbourne will host its biggest auction weekend since the pre-Easter Super Saturday, with nearly 1,200 homes set to go under the hammer.
Sydney is forecast to host around 900 auctions next weekend as sellers squeeze in before the Queen’s Birthday holiday the following weekend.