Sydney, Melbourne auction levels back from holiday lows

Sydney, Melbourne auction levels back from holiday lows
Sydney, Melbourne auction levels back from holiday lows

The Melbourne and Sydney auction markets will ramp up this weekend with the holiday season well and truly over.

More than 200 homes are set for auction across Sydney and Melbourne this Saturday with Melbourne suburbs Hoppers Crossing, St Albans, Epping holding the most popular.

Sydney's western suburbs region will host the most number of auctions followed by the inner west and the upper north shore.

Dr Andrew Wilson, Domain Group chief economist said the most popular suburbs for auctions this weekend in Sydney are Blacktown, Marrickville and Parramatta.

"The lower north, Canterbury Bankstown and the south west all reported 100 percent clearance rates last weekend from low listing numbers," he said.

"In Melbourne, the north east, the outer east, the west and the inner east all reported 100 percent clearance rates last weekend from low listing numbers. 

"Low auction numbers can result in misleading insights into the underlying nature of the housing market with more robust understandings set to be revealed as listings climb sharply over coming weekends.

"The Reserve Bank will meet for the first time this year next week to decide the level of official interest rates for February. 

"Recent economic data remains underwhelming, particularly with the national jobless rate rising to 5.8 percent over December – the highest result for the year. Although the Bank is more likely to leave rates on hold for the fifth consecutive month, a pre-emptive early year cut similar to February 2015 can’t be ruled out."

Tags: 
Housing Market Residential Auctions

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