Exceptional auction market performances over winter ensure a confident start to spring, with the prospect of continuing strong results.
According to Domain Group senior economist Dr Andrew Wilson, Sydney’s weekend auction market has performed strongly over winter, with rising buyer momentum over recent weeks producing boom-time results.
“The late winter market continues to strengthen, recording its third consecutive clearance rate above 80 per cent last weekend,” he said.
“Sydney has recorded its highest ever August for auction listings this year with 2,660 properties going under the hammer.
“The Sydney auction market is now clearly on the rise with the four-weekend average clearance rising to 81.3 per cent compared to 76.2 per cent over the previous four-weekend period.
“Auction numbers have risen steadily over recent weekends with 573 auctions scheduled this weekend compared to the previous weekend’s 440 and the 550 listed over the same weekend last year,” he added.
The city and east will host the greatest number of auctions with 82, followed by the inner west with 81, the south with 75, the upper north shore with 74, the west with 62, the lower north with 57, and the northern beaches with 41 auctions scheduled.
Melbourne’s weekend home auction market has performed solidly over winter with rising buyer momentum evident over recent weeks.
“Auction numbers in Melbourne have risen steadily over recent weekends, with 745 auctions scheduled this weekend compared to the previous weekend’s 647 and the 706 listed over the same weekend last year,” Dr Wilson said.
“The most popular region for auction listings this weekend in Melbourne is the west with 121, followed by the inner south with 119, the inner city with 116, the inner east with 111, the north east with 90, and the outer east with 88 auctions scheduled.
“Melbourne has [also] recorded its highest ever August for auction listings this year with 3,237 properties going under the hammer,” he added