Race to list leading into federal election
Total auctions for the combined capital cities are steady with 2,110 scheduled with a fall in Melbourne auctions for this weekend and a climb in Sydney auctions when compared to last week, according to CoreLogic.
CoreLogic's weekend auction preview found auctions in Sydney, Brisbane and Adelaide increased this week to last and auction levels in Canberra, Melbourne and Perth is lower.
Melbourne will be host to 982 auctions and Sydney, 778 residential homes will be auctioned.
Capital city auctions this week:
- Sydney: 778
- Melbourne: 982
- Brisbane: 161
- Adelaide: 86
- Perth: 39'
- Canberra: 55
Domain's Dr Andrew Wilson said sellers have surged into the market over the past fortnight to avoid a clash with the federal election to be held next weekend.
"This weekend presents another strong challenge for the Melbourne auction market with unseasonably high listing numbers," he said.
"Auction activity will decline sharply over coming weekends as the typical seasonal hibernation subdues the market.
"Low and falling interest rates and increased interest from investors will however continue to fuel strong buyer demand for homes in Melbourne’s north and west – despite the winter chill."
He said the Sydney home auction market bounced back strongly last Saturday following the previous weekend’s holiday pause with no sign yet of the usual winter slow-down in the market.
"Although Sydney recorded an overall strong result last weekend, the suburban region results continued this year’s pattern of inner-suburban, higher -priced regions producing clearly the highest clearance rates," he said.
"Sydney’s outer west and south west regions, although still trailing the inner suburbs, have however consolidated recent improvements and continue to report clearance rates well above the lows recorded earlier in the year.
"The Sydney weekend auction market continues its recent surge with clearance rates now consistently above the results recorded earlier in the year. Clearance rates have exceeded or been close to 80 percent over four of the last six weekends that has included the typically quieter holiday break last week."