Melbourne’s auction market recovers, Sydney’s softens

Melbourne’s auction market recovers, Sydney’s softens

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The robust Melbourne auction market is back in business this weekend, while Sydney’s is predicted to pause.

The Melbourne weekend auction market is predicted to resume at full pace this weekend following last Saturday’s hiatus for the ultimate distraction of the AFL grand final.

Domain Group senior economist Dr Andrew Wilson said 740 homes are scheduled to go under the hammer in the metro area, which is well ahead of the 44 auctioned last weekend and similar to the 736 auctioned over the same weekend a year ago.

“Melbourne’s west will host the greatest number of auctions this weekend with 147, followed by the outer east with 105, the inner city with 103, the north east with 101, the inner bayside with 93, the north with 80, the inner east with 55 and the south east with 54,” he said.

“The most popular suburbs for auction listings this weekend in metro Melbourne are Mount Waverley in the outer east and St Kilda in the inner city, each with 14 auctions scheduled, followed by Glen Waverley in the outer east with 12.

“Melbourne recorded a clearance rate of 84.4 per cent last weekend, which was well ahead of last year’s grand final weekend when a rate of 70.7 per cent was reported, also from 44 listings,” he added.

Dr Wilson said activity levels will rise sharply over the coming weekends with the next punctuation market in the local market’s spring calendar the pre-Melbourne Cup super Saturday due on October 25.

The hot Sydney auction market will pause this weekend with the distraction of the Labour Day holiday weekend predictably impacting auction numbers.

Dr Wilson said 250 homes are scheduled to go under the hammer this Saturday, which is well below the 732 auctions conducted last weekend and similar to the 248 conducted over the same holiday weekend last year.

“The inner west will host the greatest number of auctions with 38, followed by the south west with 28, the upper north shore and the south each with 27, the lower north and the city and east each with 25, the northern beaches with 22, and the west with 21 auctions scheduled,” he said.

“The most popular suburb for auctions this weekend in Sydney is Summer Hill in the inner west with 10 auctions scheduled,” he added.

Dr Wilson said Sydney has produced the best start to a spring selling season in its history, with historically high levels of auction sales for this time of the year.

“Sydney’s four-weekend average clearance rate now stands at 82.9 per cent compared to 82.0 per cent over the previous four-weekend period,” he said.

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