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Autumn has arrived with no sign yet of a cooling in Sydney’s white hot residential auction market.
According to Australian Property Monitors' senior economist, Dr Andrew Wilson, the strong start to the auction season will continue this weekend.
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“This weekend, the strong buyer and seller momentum is set to continue with another high number of properties listed for auction. 619 homes are due to go under the hammer which is, as usual, well ahead of last year’s 440 auctions listed over the same weekend,” Dr Wilson said.
The inner west is the most popular region for auctions this weekend in Sydney with 112 followed by the southern suburbs with 97 followed by the city and east with 81.
February was a record breaking month for the Sydney auction market with 1490 homes sold at auction over the month with the next best February well below in 2010 at just 1122. March is likely to continue with the record breaking trend.
But while the spotlight has been on Sydney’s 80+ clearance rate for the last few months, Melbourne’s market is also expected to continue performing strongly.
Melbourne’s home auction market produced another solid result last weekend with a metro auction clearance rate of 76.1 percent. This was above the February weekend average of 75.2 per cent and clearly head of last year’s 65.8 percent result recorded over the same weekend.
Although a typically quieter weekend for auctions this weekend compared to the high activity levels of recent weekends, the 226 homes scheduled to go under the hammer are nonetheless again higher than last year’s number of 182 over the same weekend.
The most popular region for auctions in metro Melbourne this weekend is the outer east with 38 auctions scheduled. Next highest is the north east with 37 followed by the west with 36, the inner city with 33 and the south east with 27 auctions listed.
