Sydney, Melbourne auctions numbers increasing: Andrew Wilson
Auctions in Melbourne are set to rise over 1000 for this weekend, the first time since May and Sydney auctions are expected be considerably below the 970 slated for this time last year, according to Domain Group’s chief economist Andrew Wilson.
He said Melbourne listings, although higher, will still be well down again on the 1232 homes that went under the hammer during the same weekend last year.
"Melbourne’s west is again the most popular region for auctions this weekend with 174, followed by the inner south with 132, the inner east 129, the inner city 127, the north-east 126, the outer east 119, the north 96 and the south-east with 51 auctions so far scheduled on Saturday with more expected to come," he said.
"Reservoir is yet again the most popular auction suburb in Melbourne this Saturday with 23, followed by Essendon and Glen Iris each with 15, Glen Waverley 14, Richmond 13 and St Albans, South Yarra and Craigieburn, which will each host 12 auctions on Saturday.
"Strong auction market activity is predictably translating to higher prices, which will be welcomed by Melbourne home owners. Potential first home buyers, however, will not welcome higher prices, which will act to offset the benefits of record-low interest rates and a highly competitive lending environment."
According to Dr Wilson, more than 660 homes will again go under the hammer in Sydney on Saturday, likely only marginally more than the 651 auctioned last weekend, with auction numbers tracking about 30 percent lower than those recorded over spring last year.
"The inner west is again the most popular region in Sydney this weekend for auctions with 113 listed followed by the south 94, the upper north shore 83, the city and east 81, the lower north 59, the south west 58, Canterbury Bankstown 44, the west 42, the northern beaches 41, the north west 24, the central coast 18 and the Blue Mountains with three auctions so far scheduled on Saturday," he said.
"Earlwood is the most popular suburb in Sydney for auctions this weekend, with nine, followed by Randwick, Mosman, Rozelle, Bexley and Croydon Park each with eight, and several suburbs with seven auctions listed including Blacktown, Darlinghurst, Eastwood, Chatswood and Leichhardt.
"Strong auction market activity is predictably translating to higher prices, which will be welcomed by Sydney home owners.
"Potential first-home buyers, however, will not welcome higher prices that will act to offset the benefits of current record-low interest rate and a highly competitive lending environment."