No summer respite for auction markets

No summer respite for auction markets

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Both Sydney and Melbourne auction markets face another tough test this Saturday, with a near-record-high number of homes going under the hammer.

According to Domain Group senior economist Dr Andrew Wilson, last weekend Sydney broke the record for the most number of homes auctioned on a spring Saturday, with 1,058 listings.

This was just below the all-time Saturday auction record of 1,111 set on the pre-Easter Saturday earlier this year.

“This Saturday, 992 auctions are scheduled, which is just below the 995 summer Saturday record set last year on December 14,” Dr Wilson said.

“Sydney will also host around 1,000 auctions next weekend, with the December auctions record clearly set to be broken.”

Dr Wilson said the upper north shore will again host the most weekend auctions with 146, closely followed by the south with 145 and inner west with 144. The city and east have 129 scheduled, the lower north shore 99, the west 88, Canterbury-Bankstown 65 and the northern beaches 57.

“The most popular suburb for auctions this weekend in Sydney is Mosman on the lower north shore with 20, followed by Carlingford and Eastwood in the north west, each with 12, Hurstville in the south with 11, and Drummoyne in the inner west with 10. A number of suburbs with nine auctions scheduled include St Ives on the upper north shore, Blacktown in the west and Castle Hill in the north west.”

Melbourne’s fading spring auction market also faces a gruelling uphill battle this weekend with 1,432 homes listed to go under the hammer.

“This will be the second highest number of weekend auctions conducted this year and the highest ever on a December Saturday,” Dr Wilson said.

“Melbourne’s inner city will host the most this weekend with 236, closely followed by the inner south with 233, the west with 207, the outer east 196, the inner east 188, the north east 183, the north 102 and south east  84.”

“The most popular suburbs for auction listings this weekend in metro Melbourne are Richmond in the inner city and Mount Waverley in the outer east, each with 24, followed by St Kilda in the inner south with 22, then Glen Waverley in the inner east and Port Melbourne, each with 21.”

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