Long weekend auctions subdued ahead of June boost

Long weekend auctions subdued ahead of June boost
Long weekend auctions subdued ahead of June boost

Adelaide's strong 78 percent weekend auction clearance rate was at year high - and the top result around the nation.

With subdued long weekend offerings, capital city auction volumes sat at 1,053, down significantly given most states and territories have a Monday public holiday.

The national 67 percent success rate compared to 68 per cent last week when there were 2,008 auctions, CoreLogic advised.

It was 75 percent one year ago.

Sydney vendors sustained their success rate in the 70s on the weekend.

With around 280 Sydney homes auctioned, Sydney didn't quite see the same fall in weekend activity that occurred in Melbourne where there were only 265 auctions.

Melbourne secured a 65 percent weekend success rate, a fall from 71 per cent last week. 

Prior to the lower volumes this week, over the past month, Melbourne has maintained a clearance rate in the low 70 percent range, representing stable conditions across the market.

The REIV reported the top clearance rate suburbs in May were Yarraville, Caulfield South and Pascoe Vale, each with more than nine in 10 homes sold at auction last month in these suburbs.

The best performing weekend sub-region was in Sydney, where the weather-battered Northern Beaches secured a stellar 95 percent success followed by the Mornington Peninsula, outside Melbourne, with a strong clearance rate of 93 percent, based on 15 results.

Melbourne will see one of its busiest June auction weekends next Saturday when more than 980 auctions are scheduled.

Next weekend's offerings include 14 Lyndhurst Crescent, Hawthorn (above) with $3 million plus hopes given its modern Drew Cole extension behind its quaint cottage facade.

The Saturday Age even got the great Hawks full forward Peter Hudson to pose for a photo outfront of the pale grey facade because it was where he boarded in his early days of his football career.

The 1900s Hawthorn cottage, last traded for $1,511,000 in 2010, was where some 100 of the Hawks’ country and interstate recruits lived with Hawthorn supporter Percy Cavell, his wife Miriam and their four children during a two decade period from the 1960s.

Sydney will have around 650 listings next weekend.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Auctions Clearance Rate

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