Sydney auction market bites back, Melbourne steady

Sydney auction market bites back, Melbourne steady

by Staff Reporter 0 comments

Sydney's auction market enjoyed a return to form over the weekend, recording its best result in two months, according to the latest figures from Australian Property Monitors (APM).

The habour city's clearance rate of 77.7 per cent was a notable improvement on the 72.7 per cent posted the previous weekend, which was the lowest recorded for over a year.

APM said activity in the Sydney auction market has clearly been "tracking downwards over the past month", with clearance rates averaging below 75 per cent - well below the boom time results that averaged over 80 per cent earlier in the year.

This weekend's improved rate was generated from another weekend of relatively high listings, with 410 homes going under the hammer, which was again well ahead of the 302 auctioned over the same weekend last year.

With the school holidays now at an end, APM said it expects listing numbers to continue to rise for the rest of the winter and into early spring.

Dr Andrew Wilson, senior economist at Domain Group, said a number of Sydney's regions recorded strong clearance rates at the weekend, in line with the city-wide rate.

“The upper north shore was an absolute standout, recording a a clearance rate of 90 per cent,” he said.  

Melbourne’s consistent auction market continued its pace at the weekend as it recorded an auction clearance rate of 72.9 per cent, which surpassed the previous weekend's 71.4 per cent.

According to APM, auction numbers and clearance rates in Melbourne continue at levels higher than those recorded over the same period a year ago.

Over the weekend, 478 homes went under the hammer compared to 360 over the same weekend a year ago.

Sydney auction market bites back, Melbourne steady
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