Melbourne auction market off and racing post Cup, Sydney red hot

Melbourne auction market off and racing post Cup, Sydney red hot
Melbourne auction market off and racing post Cup, Sydney red hot

The Sydney Saturday weekend auction market is the second biggest this year so far and Melbourne's auction market is up following last weekend's Cup break.

Some 800 homes are slated to go to auction in Sydney and above 800 in Melbourne although well down from the 1071 listed on the same weekend last year.

Domain Group’s chief economist Dr Andrew Wilson said Sydney's inner west will host the highest number of auctions with 110 home set to go under the hammer, followed by the upper north shore’s 108 auctions.

"Mosman is clearly the most popular suburb for auctions in Sydney on Saturday with 22 properties listed, followed by Blacktown with 10, Maroubra and St Ives each with nine and Epping, Baulkham Hills and Kensington with eight houses each listed for auction," he said.

"A significant jump in auction numbers last weekend failed to dampen clearance rates with the Sydney auction market producing yet another boom-time result.  

"Sydney recorded a clearance rate of 81.4 percent last Saturday which, although below the previous weekend’s stunning 84.4 percent, was another strong result for sellers. The market continues to track well ahead of last spring’s fast fading rates with just 66.3 percent reported on the same weekend a year ago.

"In Melbourne, the western suburbs are again the most popular region this weekend for auctions with 140 scheduled. Next highest is the inner city with 112, closely followed by the north east with 111, the inner south 101, the inner east 91, the outer east 81, the north 76 and the south east with 64 auctions listed.

"Reservoir is the most popular auction suburb this weekend with 13 followed by several suburbs with 11 auctions listed including St Albans, Melbourne, Bundoora, Richmond, St Kilda and Elwood."

Tags: 
Auctions Residential Sales

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