Melbourne weathers holiday weekend, Sydney auctions strong: Andrew Wilson

Melbourne weathers holiday weekend, Sydney auctions strong: Andrew Wilson
Melbourne weathers holiday weekend, Sydney auctions strong: Andrew Wilson

Sydney's combined auction clearance rate has bounced back above 80 percent, wiht the Lower North recording the highest auction clearance rate at 95.1 percent, according to Domain's Andrew Wilson.

Despite lower listings, Melbourne's Moomba long weekend holiday auctions gave a strong result.

Melbourne's Saturday clearance rate of 79.2 percent was down from the 80.6 percent recorded the weekend before.

Andrew Wilson said Melbourne’s weekend clearance rate has averaged 79.7 percent since the season began in earnest in February which is the best start to the auction year since 2010. 

"Some 258 homes were listed for auction in Melbourne on Saturday which was lower than the 1182 auctioned the previous weekend and also lower than the 342 auctioned over the same holiday weekend last year," he said.

"Auction numbers will be sharply higher next Saturday as the market moves back to normal mode with just under 1200 homes set to go under the hammer. 

"Melbourne’s booming north continues to record the highest regional clearances and was joined this holiday weekend by the inner east that also recorded a similar super-strong result. 

"The north reported a weekend clearance rate of 93.3 percent with 14 sales out of 15 reported followed by the inner east 90.0 percent, the inner south 84.6 percent, the south east 80.0 percent, the north east 77.8 percent, the west 7.8 percent and the highest sales at 28, the outer east 74.1 percent and the inner city with a clearance rate of 69.2 percent

"Sydney auction market has bounced back strongly following last weekend’s month-low result with higher numbers of listings still proving simply irresistible to buyers.

"Sydney recorded a clearance rate of 82.9 percent on Saturday which was higher than the previous weekend’s 78.4 percent and well ahead of the 76.3 percent recorded over the same weekend last year.

"Sydney’s weekend clearance rate has averaged 81.4 percent since the season began in earnest in February and from record-high auction numbers – 3719 Saturday auctions have been conducted over the past six weekends which is significantly higher than the previous record of 3547 set over the same period in 2015."

Tags: 
Residential Sales Auction Market

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