Sydney and Melbourne ready for year’s first big auction weekend

Sydney and Melbourne ready for year’s first big auction weekend

by 0 comments

This weekend’s auction numbers will be substantially down on last year, although the rate cut might lead to an increase in potential buyers.

Sydney is scheduled to have 260 auctions on Saturday, according to Domain Group senior economist Andrew Wilson.

That is 168 per cent higher than the week before but 11 per cent down on the same Saturday last year.

The leading region will be the inner west with 42 auctions, followed by the west with 39 and the south with 35.

The most popular suburbs will be Blacktown with seven and Castle Hill with five.

Melbourne is set to hold 188 auctions – 219 per cent more than the week before but 27 per cent fewer than the year before.

The leading regions will be the outer east with 47, the west with 40 and the south east with 29.

Mount Waverley and Glen Waverley will each hold eight auctions, while East Bentleigh will hold six.

Dr Wilson said the Reserve Bank’s decision to reduce the official cash rate to 2.25 per cent was a positive move for Melbourne’s housing market, which “clearly weakened” over 2014.

The rate cut will also “reinforce the decade-high levels of prices growth, confidence and enthusiasm that are currently fuelling the Sydney housing market”, he said.

[Related: Auction clearance rates go backwards]

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent grew his database by 50% in five years

In this episode of Secrets of the Top 100 Agents, Robert Pignataro joins host Tim Neary to explain how he increased his personal database by...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Depends on the group
Do you have an industry update?