Auction markets in bloom

Auction markets in bloom

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Sydney and Melbourne auction markets hit the ground running for the first weekend of spring with clearance rates remaining at record levels.

Sydney’s spring auction market got off to a flying start at the weekend, recording a strong 82.7 per cent clearance rate.

According to Domain Group senior economist Dr Andrew Wilson, the weekend's result was the fifth consecutive rate recorded above 80 per cent and reflects a market that has clearly risen over winter.

“Sydney’s four-weekend average clearance rate has surged to 82.5 per cent compared to 78.5 per cent over the previous four-weekend period,” he said.

“The inner west reported the greatest number of sales at the weekend with 61, and the highest clearance rate of all the suburban regions with an 89.7 per cent result.

“The inner west was closely followed by the north west with 87.5 per cent, the lower north with 87 per cent, Canterbury Bankstown with 84.8 per cent, the west with 84.6 per cent, the city and east with 82.8 per cent, and the upper north shore with a clearance rate of 81.5 per cent,” he added.

Melbourne’s spring auction market produced a strong clearance rate at the weekend of 79.4 per cent.

“This was the highest weekend rate reported this year and the highest since the pre-Grand Final ‘super Saturday’ of September 21 last year,” Dr Wilson said.

“This weekend’s clearance rate built on last weekend’s 77.7 per cent result and was well ahead of the 76.6 per cent recorded over the same weekend last year.

“The Melbourne auction market continues to strengthen with the current four-weekend average at 77.0 per cent compared to the previous four-weekend result of 73.9 per cent,” he added.

The inner east not only reported the greatest number of sales at the weekend with 99, but also the highest clearance rate with an exceptional 89.2 per cent.

Next best was the outer east with a strong clearance rate of 85.2 per cent, with 69 reported sales, followed by the inner city with 79.3 per cent, the north east with 79.2 per cent, the north with 77.3 per cent, and the inner south with a clearance rate of 74.7 per cent.

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