Weekend auction wrap: Where the hammer fell

It was a dead heat between Sydney and Melbourne this past weekend, with both capitals recording a 55% weekend auction success rate.

Given the media negativity about the property market and the economy, the spring markets are faring OK.

Much of spring’s resilience is that vendors have adjusted their price expectations to match buyers’ reticence.

Agents have crunched some of their vendors to do it.

But another important aspect has been agents rejecting the listings of those whose price expectations are in cloud cuckoo land.

Vendors are the ones often being appraised in the agents’ pitches this spring when they get to give their initial appraisal of the house set for sale.

Given sales volumes are down quite considerably on spring 2010, estate agents are keen to cherry-pick the better listings that are more likely to bring in the selling commission.

There were 182 sales in Sydney from the 331 reported results, with another 84 results yet to be tabulated.

There were a total of 633 auctions reported in Melbourne of which 349 sold. Of the 284 passed in some 92 were on a vendor’s bid. There are 63 results yet to be tabulated.

Next weekend Melbourne auction numbers will increase again, with 880 homes listed for auction, according to the Real Estate Institute of Victoria.

There are about 400 in Sydney, according to Australian Property Monitors.

Both offerings are about 20% down on the same Saturday last year.