Auction numbers in Sydney continue to rise to record levels, while Melbourne’s market takes a breather as the Cup approaches.
This weekend Sydney is scheduled to host 878 auctions, which are well ahead of last weekend’s 753 listings and the 739 auctions conducted over the same weekend last year.
Domain Group senior economist Dr Andrew Wilson said October has been a record month for auction activity, with November clearly set to continue the record-breaking trend of the spring selling season so far.
“High auction numbers, however, may be impacting on clearance rates as supply catches up with demand,” he said.
“The Sydney market fell again last weekend, recording the lowest clearance rate for three months.
“The 78.9 per cent result, although still strong was nonetheless the second time in three weekends the clearance rate has fallen below the boom-time benchmark of 80 per cent,” he added.
However, Dr Wilson said sellers remain energised by still-high clearance rates, low interest rates, Australia’s best performing local economy and strong prices growth.
“The inner west will again clearly host the greatest number of auctions this weekend with 145, followed by the upper north shore with 129, the city and east with 120, the south with 115, the lower north with 88, the northern beaches with 64, Canterbury Bankstown with 56, and the west with 54 auctions scheduled,” he said.
“The most popular suburbs for auctions this weekend in Sydney are Strathfield in the inner west and Manly on the northern beaches, each with 12 auctions listed.”
Dr Wilson said the Melbourne weekend home auction market is predicted to take a well-earned break this weekend, following the unprecedented action of last weekend’s record-breaking Super Saturday auction extravaganza.
“Just 125 homes are listed to go under the hammer in the metro area, which although higher than the same weekend last year when 118 auctions were conducted, is understandably well below the unprecedented 1,558 homes that went under the hammer last weekend,” he said.
“The Melbourne auction market recorded a solid result last weekend with a clearance rate of 75.4 per cent.
“Although below the previous weekend’s 76.4 per cent result, the outcome was nonetheless positive with record numbers of properties going under the hammer, spoiling buyers for choice,” he added.
The most popular suburb for auction listings this weekend in metro Melbourne is Mount Waverley in the outer east with five auctions scheduled.