Despite record auction listings over the 'Super Saturday' weekend, both Melbourne and Sydney achieved stunning clearance rate results.
Melbourne produced another strong weekend for home auction sales, recording a 77.7 per cent clearance rate on Saturday.
According to Domain Group senior economist Dr Andrew Wilson, this was the fourth consecutive weekend clearance rate above 77 per cent and was achieved despite a surge in auction listings.
“Saturday hosted the first ‘Super Saturday’ for the Melbourne spring selling season, with the pre-Grand Final weekend hosting 1,008 auctions,” he said.
“This was a record weekend offering for this time of the year and reflects the strong underlying confidence of sellers in the Melbourne market.
“This weekend’s clearance rate takes the current four-weekend metro Melbourne average to 78.0 per cent compared to the previous four-weekend result of 74.8 per cent,” he added.
The outer east again produced the leading clearance rate of all the suburban regions at the weekend with another exceptional 89.9 per cent result.
This was well ahead of the rest, led by the inner south with 78.9 per cent, the north east with 78.4 per cent, the inner east with 77.8 per cent with the highest regional sales reported at 112, and the inner city with an auction clearance rate of 75.9 per cent.
Sydney’s early spring home auction market has continued to strengthen, recording 83.9 per cent clearance rate at the weekend.
“This result was the highest recorded since last February and was achieved despite a surge in auction listings,” Dr Wilson said.
“Some 621 properties were listed to go under the hammer on Saturday, which was well ahead of the 570 auctioned the weekend before and the 565 auctioned over the same weekend a year ago.
“Sydney is set to host over 2,400 auctions this September, which will be an all-time record for the month and considerably higher than last September when 2,003 homes went under the hammer,” he added.
This weekend’s auction clearance rate was the seventh consecutive weekend with rates above 80 per cent.
The upper north shore again reported the highest clearance rate of all the suburban regions at the weekend with a 90.1 per cent result from 71 reported auctions.
This was closely followed by the west with a clearance rate of 89.7 per cent, the north west with 89.5 per cent, the city and east at 88.6 per cent, the northern beaches at 83.9 per cent, the inner west at 81.5 per cent with the most number of sales at 66, the south with 80.8 per cent, and Canterbury Bankstown with a clearance rate of 80 per cent.