First weekend of summer auctions hot in Sydney, Melbourne

First weekend of summer auctions hot in Sydney, Melbourne
First weekend of summer auctions hot in Sydney, Melbourne

The first weekend of the summer home auction market begins this Saturday with a big weekend expected for both Sydney and Melbourne.

In Melbourne, around 1200 homes are set for Saturday auction, down from last weekend's super Saturday season-high of 1366.

More than 850 homes will go to auction in Sydney compared to last weekend’s year-high of 961.

Domain group chief economist Dr Andrew Wilson said the Melbourne auction market is however set to remain highly active over December with well over 3000 homes likely to go under the hammer before Christmas. 

"Melbourne’s western suburbs are again tops for auction activity this Saturday with 205 homes listed to go under the hammer," he said.

"Next highest is the inner south with 182 auctions followed by the inner city 159, the outer east 149, the north east 148, the inner east 126, the north 93 and the south east with 78 auctions listed.

"The most popular suburb for auctions at the weekend will again be Reservoir with 18 closely followed by Mt Waverley 17, St Kilda and Craigieburn each with 16, Richmond 15 and a number of suburbs with 14 auctions listed including Glen Waverley, East Bentleigh and Elwood.

"The heady Melbourne home auction market produced an another unequivocally good result for sellers last weekend despite the spring Super Saturday surge in listings  

"Melbourne reported a clearance rate of 77.5 percent last Saturday which was just below the 78.7 percent recorded the previous weekend but again well ahead of the 66.2 per cent recorded over the same weekend last year."

"Sydney’s south has the highest number of auctions this weekend with 118 followed by the inner west 113, the upper north shore 109, the city and east 94, the lower north 90, the west and the northern beaches each 81, the south-west 57, Canterbury Bankstown 47, the north-west 36, the central coast 26 and the Blue Mountains with one auction scheduled at the weekend.

"Blacktown is the most popular auction suburb in Sydney this weekend with 16 followed by Manly 12, Mosman 11, Hurstville nine, and a number of suburbs with eight auctions listed including Wahroonga, Ashfield, Eastwood, Epping and Chatswood. 

"Sydney reported a clearance rate of 78.8 percent last Saturday, which was only just below the 79.5 percent recorded the previous weekend and well ahead of 58.6 per cent recorded over the same weekend last year."

Tags: 
Auctions Residential Sales

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