Auction markets set to spring into the new season

Auction markets set to spring into the new season

05 September 2014 by Staff Reporter 0 comments

With the first weekend of spring almost upon us, it's predicted the auction market won't disappoint.

Sydney’s winter auction market finished on a high last week by recording a clearance rate above 80 per cent for the fourth consecutive weekend.

According to Domain Group senior economist Dr Andrew Wilson, the 81.9 per cent rate reported was despite a 33 per cent jump in listings with 583 properties going under the hammer well ahead of the 440 auctioned the previous weekend.

“Auction numbers in Sydney have risen steadily over recent weekends, although the 521 auctions scheduled this weekend is lower than last weekend’s 583 auctions, but well ahead of the 212 auctions conducted over the same weekend last year, which was distracted by the federal election,” he said.

“The most popular suburbs for auctions this weekend in Sydney are Surry Hills in the city and east, Wahroonga on the upper north shore, and Alexandria in the inner west, each with seven auctions scheduled.

“Mosman on the lower north shore, Epping and St Ives on the upper north shore, and Ultimo in the city and east each have six auctions listed this weekend,” he added.

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

The 77.7 per cent result reported last weekend was achieved despite a significant rise in listings numbers heralding the start of the spring selling season.

“Auction numbers in Melbourne have risen steadily over recent weekends, although the 696 auctions scheduled this weekend is lower than last weekend’s 770 auctions, but well ahead of the 422 auctions conducted over the same weekend last year, which was distracted by the federal election,” Dr Wilson said.

“The most popular suburb for auction listings this weekend in metro Melbourne is Glen Waverley in the outer east, with 16, followed by Reservoir in the north east with 15.

“Although clearance rates are set to continue at healthy levels, prices growth is unlikely to match the strong results recorded over last spring, with rising affordability barriers and an underperforming local economy acting to constrain growth,” he added. 

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
William Phillips on how agents can expand their database and grow their business

In this episode of Secrets of the Top 100 Agents, host Tim Neary is joined again by William Phillips to discuss the real estate database and...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
upcoming events
REB Awards
Sydney The Event Centre 12 Sep
REB Awards
Sydney The Event Centre 12 Sep
Melbourne The Event Centre 14 Oct
Brisbane The Event Centre 18 Dec
View all events
Do you have an industry update?