Records loom as auction market blooms

Records loom as auction market blooms

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Auction markets are approaching record levels as they continue to step up a gear following the winter market.

Sydney’s market continued to rise towards record levels with another extraordinary 83.3 per cent clearance rate result recorded at the weekend.

According to Domain Group senior economist Dr Andrew Wilson, this weekend’s result was above the 82.7 per cent rate recorded last weekend and is the sixth consecutive weekend with rates above 80 per cent.

“This is the longest sequence recorded in Sydney since early April and reflects a market that has stepped up a gear over winter,” he said.

“Sydney’s four-weekend average clearance rate now stands at 82.8 per cent compared to 79.7 per cent over the previous four-weekend period.

“Auction numbers will surge over the remainder of September with well over 600 auctions scheduled each weekend,” he added.

The upper north shore reported the highest clearance rate of all the suburban regions at the weekend, with a 90.9 per cent result from 55 reported auctions.

The inner west had the highest number of sales at 58 and a clearance rate of 86.6 per cent, while the city and east hit a clearance rate of 80 per cent from the highest number of auctions reported at 70.

Prestige auction sales surged again at the weekend with 28 sales reported above $2 million - well ahead of the 21 reported last weekend.

Dr Wilson said Melbourne’s early spring weekend auction market continued to produce strong results for sellers with another robust clearance rate reported at the weekend.

“Although the 77.1 per cent result was down on the previous weekend’s year-high 79.1 per cent clearance rate, it was nonetheless the third consecutive weekend result recorded above 77 per cent for the first time since 2010,” he said.

“This weekend’s clearance rate was well ahead of 72.9 per cent recorded over the same weekend last year and takes the current four-weekend metro Melbourne average to 77.4 per cent compared to the previous four-weekend result of 74.1 per cent.

“Listings numbers have been rising in tandem with clearance rates over the past month, with 842 scheduled auctions at the weekend compared to 715 the previous weekend,” he added.

The Melbourne auction market provided a more even spread of regional results at the weekend, which for a change was not dominated by the inner east and outer east suburban areas.

“The north east produced the highest clearance rate at 86.4 per cent with 70 sales from 81 reported auctions,” Dr Wilson said.

“Next best was the outer east at 81.4 per cent followed closely by the inner south with 80.9 per cent and the inner east with 80.8 per cent with the highest number of reported sales at 105.”

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