Spring fever hits early

Spring fever hits early

19 August 2014 by Staff Reporter 0 comments

The weekend auction market saw Melbourne bounce back and Sydney record another boom-time result.

According to Domain Group senior economist Dr Andrew Wilson, Sydney’s auction market recorded another boom-time result at the weekend, reporting consecutive rates above 80 per cent for the first time in five months.

“This weekend’s 82.1 per cent rate followed last weekend’s 80.4 per cent and was marginally higher than the 81.6 per cent recorded over the same weekend a year ago,” he said.

“The Sydney late winter weekend auction market is clearly re-energising with the four-weekend average clearance rising to 79.7 per cent compared to 75.5 per cent over the previous four-weekend period.

“Although auction clearance rates are on the rise, auction listings have flattened over recent weekends,” he added. 

Melbourne’s weekend auction market bounced back at the weekend, recording a strong clearance rate of 75.5 per cent.

“This was higher than the previous weekend’s 72.7 per cent result and just higher than the 75 per cent recorded over the same weekend a year ago,” Dr Wilson said.

“The Melbourne winter auction market continues to produce consistently solid results with the current four-weekend average at 74.2 per cent compared to the previous four-weekend result of 73.3 per cent.”

Property Auction Services director and chief auctioneer Rocky Bartolotto said the volume of auctions they had this weekend was down by 20 per cent compared to the same weekend in July 2013. However, the number of registered bidders this weekend at auctions increased significantly.

“Over 60 per cent of the auctions we conducted had 10-plus registered bidders, with an average of 50 per cent of registered buyers actually placing a bid at auction,” he said.

“The numbers are consistent with trends over the last month. However, the number of buyers registering has increased sharply, likely due to lower new listing numbers coming on the market.” 

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