Both Sydney and Melbourne auction markets are forecast to continue their upward trajectory as spring creeps in.
According to Domain Group senior economist Dr Andrew Wilson, Sydney’s weekend auction market is finishing winter on a high with the market clearly strengthening over recent weeks.
“Sydney home auction market recorded another boom-time result last weekend, reporting consecutive rates above 80 per cent for the first time in five months,” 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.
“This weekend 435 homes are schedule to go under the hammer in Sydney, similar to last weekend’s 433 and just ahead of last year’s 412 for the same weekend,” he added.
The most popular suburbs for auctions this weekend in Sydney are Croydon Park in the inner west, Eastwood on the upper north shore, Engadine in the south, Beecroft on the upper north shore, and Roselands in Canterbury Bankstown, each with six auctions.
“Melbourne’s weekend auction market bounced back last weekend, recording a strong clearance rate of 75.5 per cent,” 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.
“A total of 627 homes are scheduled to be auctioned this weekend, which is just ahead of last weekend’s 625 auctions and higher than the 592 listings recorded over the same weekend a year ago.
“Auction numbers are set to rise strongly over the coming weekends into spring,” he added.
The most popular suburb for auction listings this weekend in metro Melbourne is Richmond in the inner city with 16, followed by Glen Iris in the inner east, Reservoir in the north east, South Yarra and St Kilda both in the inner city, each with 11 auctions scheduled.