Sydney and Melbourne auction markets reaped solid results over the weekend, despite near-record numbers of summer auctions.
According to Domain Group senior economist Dr Andrew Wilson, Sydney recorded an improved auction clearance rate of 75 per cent on Saturday, following last weekend’s 18-month-low result of 70.5 per cent.
“This weekend’s rate was also the highest reported for six weeks, and was achieved despite another weekend of near-record numbers of summer auctions,” he said.
“Nine-hundred-and-ninety-eight homes were listed for auction on Saturday for an unprecedented total of 3,084 auctions over the past three weekends.
“The current Sydney four-weekend average clearance rate now stands at 73.4 per cent, which is below the 77.8 per cent average recorded over the previous four-weekend period.”
Dr Wilson said Canterbury-Bankstown reported the highest clearance rate with 86.1 per cent. The next best region was the lower north shore with 84.7 per cent, followed by the inner west with 81.6 per cent and a region high 120 sales.
Melbourne also recorded another solid result at the weekend with sellers motivated to find buyers before the lengthy break for the Christmas/New Year holidays.
“Melbourne’s weekend auction clearance rate of 70.8 per cent was just above last weekend’s 70.1 per cent and the highest recorded for a month,” Dr Wilson said.
“Record high numbers of summer auctions have continued to test the market with 1,327 homes listed for auction on Saturday following the near all-time record 1,456 auctions listed over the previous weekend.
“Melbourne has hosted five consecutive 1,000-plus weekends of home auctions for an unprecedented grand total of 6,415 listings – and this weekend is set to break another record with up to 500 homes scheduled for auction on the pre-Christmas Saturday in the metro area,” he added.
Dr Wilson said Melbourne’s outer east suburban region reported the best result at the weekend, with an auction clearance rate of 79.6 per cent. Next highest was the inner east with 77.4 per cent and the highest sales at 123, followed by the inner south at 77.1 per cent and the inner city at 71.2 per cent.