Super Saturday for Melbourne auctions, sort of, but Sydney for certain next Saturday

Super Saturday for Melbourne auctions, sort of, but Sydney for certain next Saturday
Super Saturday for Melbourne auctions, sort of, but Sydney for certain next Saturday

The first prospective Super Saturday of spring has emerged in Melbourne in the lead up to Grand Final weekend.

Melbourne has 987 auction offerings, according to Australian Property Monitors, which just falls short of the requisite 1000-strong tally of the so-called Super Saturday status, although the REIV count has a higher tally of 1,100 auctions and RP Data's count is 1,090.

That REIV figure is across 261 suburbs, including Geelong and the Mornington Peninsula which are not included in the APM list. 

But Sydney will certainly have one next weekend with 700 on offer.

Melbourne's 987 is up 17.5% on the same Saturday last year, according to Australian Property Monitors, and a record offering for any September Saturday.

"The record pre-Grand Final weekend for auction activity will certainly provide the robust and resilient Melbourne spring market with its biggest test so far," the APM senior economist Andrew Wilson said.

The REIV says it is the highest number of auctions since the weekend of 30 May/1 June.

The top auction locations this week are Hawthorn (22 auctions), Reservoir (20 auctions), and Kew (18 auctions).

Sydney has 609 scheduled auctions this weekend which is 13.1% up on the same Saturday last year.
 
Melbourne has had seven 1,000 plus auction Saturdays so far this year, according to APM. 
 
There were six 1,000 plus weekends last year in Melbourne, with five of them during the spring selling season through to December 2013.
 
The Melbourne auction volumes drop to fewer than 50 on AFL grand final day.
 
With five Saturdays, the Sydney market recorded its busiest-ever auction listings for an August.
 
This weekend's 609 offerings jumps to 700 plus next weekend, as it heads towards its NRL Grand final weekend slowdown on the October long weekend.
 
Sydney's auction volume needs to be at 650 plus to warrant the super Saturday hype.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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