End of season success for auction markets

End of season success for auction markets

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Both Sydney and Melbourne’s auction markets are primed and ready for the spring selling season, with high clearance rates recorded for the last weekend of winter.

According to Domain Group senior economist Dr Andrew Wilson, Sydney’s winter auction market finished on a high recording a clearance rate above 80 percent for the fourth consecutive weekend.

“The 81.9 percent reported was despite a 33 percent jump in listings from last weekend with 583 properties going under the hammer well ahead of the 440 auctioned the previous weekend,” he said.

“The Sydney auction market is clearly rising with the four-weekend average clearance increasing to 81.8 percent compared to 77.8 percent over the previous four-weekend period.”

“Next weekend the market moves definitely into spring with confidence on high for sellers.”

“Although clearance rates are set to continue at encouraging levels for sellers, prices growth will be unlikely to match the boom-time results recorded over last spring,” he added.

The northern beaches produced a stunning result over the weekend with 33 from 34 properties listed reported sold at auction for a clearance rate of 97.1 percent

“No surprise with spring on the doorstep Sydney recorded a big rise in auction sales above $2millon at the weekend with 22 - up strongly from the previous weekends 14 sales,” Dr Wilson said.

Melbourne’s weekend winter auction market finished the season on a high recording the highest clearance rate since last September.

“The 77.7 percent result was achieved despite a significant rise in listings numbers that heralds the start of the spring selling season next weekend,” Dr Wilson said.

“770 properties were scheduled to go under the hammer in Melbourne at the weekend well up on the 647 auctioned over the previous weekend.”

“The Melbourne winter auction market has clearly strengthened over recent weeks with the current four weekend average at 75.3 percent compared to the previous four weekend result of 74 percent,” he added.  

Melbourne’s boom suburban region the outer east again recorded the highest clearance rate at the weekend with a strong 84.7 percent result. 

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