Some 790 weekend auctions, then the pre-Easter fortnight of 900 plus Sydney auction offerings
The pre-Easter auction rush gathers pace this weekend with 790 homes set to go under the hammer, the highest number of Saturday auctions this year.
The following two weekends’s each have in excess of 900 homes.
The prestige market continues to improve with last Saturday recording 20 sales of properties above $2 million, according to Australian Property Monitors.
Prestige buyers were active in the lower north last weekend with a stunning clearance rate of 92.5%. Next best was the city and east with 89.7% followed by the inner west with 86.8%.
Andrew Wilson, the senior economist for Australian Property Monitors, says this weekend the inner west will again provide the most number of auctions at 128 followed by the south with 107 and the city and east with 103.
Ashfield in the inner west is the most popular suburb for auctions this weekend with 12 listed. This is followed by Paddington in the city and east with 10 and number of suburbs with nine auctions scheduled including Epping, Earlwood, Bexley and Chatswood.
Last weekend a Redfern offering set a record price for the suburb.
Recently a Strathfield offering set a suburb record (featured picture above) at $6.8 million through Joseph Georges, of George Ellis & Co for a house with over 1,000 square metres internally, with garaging for seven cars, a pool and tennis court.
APM has listed some seven other recent record sales from Bella Vista in the north to Oyster Bay in the south.
"The Sydney market continues to meet every challenge over autumn and remains on record breaking pace for the number of listings, the number of sales and naturally the value of property sold at autumn auctions," Wilson said,
Last weekend produced another strong result for the local market with a clearance rate of 81.5% – the eighth consecutive weekend rate at or above 80% this year on they initial rests, although the revised figures after more results have settled around 77%.
"The average (initial) weekend rate this year at 82.5% is clearly higher than the 78.6% averaged over the final eight weeks of the last year’s spring-summer market and unsurprisingly well ahead of the 71.1% averaged over the same eight weekends a year ago," Wilson said.