Auction market has spring in its step

Auction market has spring in its step

15 August 2014 by Staff Reporter 0 comments

The auction market is showing signs of continued rejuvenation leading into the weekend.

Sydney’s weekend auction market continues to rise, with its late winter revival recording a boom-time clearance rate last weekend of 80.4 per cent, which was the highest rate reported since early April.

According to Domain Group senior economist Dr Andrew Wilson, the Sydney weekend auction market has clearly been in revival mode over the past five weekends.

“This weekend 433 homes are schedule to go under the hammer in Sydney, similar to last weekend’s 429 and just ahead of the same weekend last year of 399,” he said.

“The inner west will host the greatest number of auctions with 85, followed by the south with 57, the city and east with 55, the upper north shore with 50, the lower north with 38, and Canterbury Bankstown with 33.

“The most popular suburbs for auctions this weekend in Sydney are Strathfield in the inner west with nine, followed by Mosman on the lower north, Paddington in the city and east, Peakhurst in the south and Pyrmont in the inner west, each with seven auctions listed,” he added.

However, Dr Wilson said as Melbourne’s late winter market draws to a close and spring rapidly approaches, signs are emerging that buyers and sellers may be refocussing on the warmer months ahead.

Melbourne’s weekend auction market retreated last weekend, recording its lowest clearance rate since early July.

“Although last weekend’s weaker result broke a trend of rising clearance rates over the past month, the rate was nonetheless another relatively solid result for a market that has proven particularly resilient not only over winter but also for most of the year,” Dr Wilson said.

“Auction numbers are down slightly this weekend with 603 homes scheduled to go under the hammer compared to the 619 auctioned last weekend.

“The most popular region for auction listings this weekend in Melbourne is the inner south with 111, followed by the inner east with 102, the inner city with 94, the west with 88, and the outer east with 73 auctions scheduled,” he added. 

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