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

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

06 February 2015 by Staff Reporter 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]

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