Capital city auction markets brave winter winds

Capital city auction markets brave winter winds

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With spring on the horizon auction listing numbers seem to be heading in the right direction this weekend, with Melbourne in particular showing little sign of winter weariness.

Dr Andrew Wilson, group senior economist at Domain, said with the usual mid-winter distractions now waning, activity in the Melbourne weekend auction market will rise noticeably over coming weekends, with listing numbers increasing sharply.

This weekend 527 homes are scheduled to go under the hammer in Melbourne, which is up on last weekend’s 478 and higher than the 426 conducted over the same weekend a year ago.

"So far this winter the market has proven to be particularly resilient, producing remarkably consistent results in what remains clearly a solid seller’s market overall,” said Dr Wilson.

The most popular region for auction listings this weekend in Melbourne is the north east with 97, followed by the west with 87, the inner city with 78, the inner south with 75, the outer east with 68, and the inner east with 46 auctions scheduled.

Meanwhile, in Sydney, 399 auctions are scheduled this weekend. Although down slightly from the 410 conducted last weekend, this is still 92 more than the 307 homes auctioned over the same weekend last year.

Dr Wilson said this weekend will likely prove to be the low point for auction listings this winter, with numbers now set to rise through to spring with the July school holiday break now over.

Sydney's home auction market bounced back last weekend, recording its best result since May, with a strong clearance rate of 77.7 per cent. This contrasts to the previous weekend’s 72.7 per cent clearance rate, which was the lowest recorded for over a year.

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