Boom time results for Sydney auctions, Melbourne building momentum

Boom time results for Sydney auctions, Melbourne building momentum
Boom time results for Sydney auctions, Melbourne building momentum

Sydney weekend auctions yielded boom time results and market momentum in Melbourne is building according to Dr Andrew Wilson.

He said Sydney recorded its second consecutive boom time result with a clearance rate of 83.1 percent and Melbourne recorded a clearance rate of 79 percent on Saturday.

"Higher auction numbers failed to dampen the Sydney market," he said.

"About 675 home were listed on Saturday, which was well ahead of the 546 auctioned the previous Saturday and the 558 offered over the same weekend last year.

 "A total of $460.9 million of property was reported sold at auction in Sydney at the weekend.

"The north-west had a clearance rate of 95.2 percent, with 20 out of 21 reported auctions selling. Similarly, the Central Coast was strong at 92.9 percent, with 13 out of 14 homes sold.

"The next highest was the south with 91.8 percent, followed by the inner west with 89.6 percent, the northern beaches 87.2 percent and the lower north at 86 percent.

"In the upper north shore the clearance rate was 85.9 percent, the city and east at 79.8 percent with the highest sales at 75. The clearance rate in Canterbury Bankstown was down to 70.6 percent and the west and south-west each recorded  66.7 percent.

"Melbourne’s northern suburbs again recorded strong auction results at the weekend, while the inner city was back as a top performer after trailing the regions the previous Saturday.

"All regions recorded clearance rates well above 70 percent for the first time this year – another indication of the underlying consistency of the local market.

"The north-east recorded the highest clearance rate at 86.8 percent, followed by the inner city at 83.7 percent, the north at 82.1 percent, the south-east at 80.6 percent, the inner south at 79.8 percent, the inner east at 77.5 percent, the west at 75.5 percent and the highest sales at 105, and the outer east at 74.2 percent."

Tags: 
Auctions Residential Market

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