Bumper Saturday for Melbourne, Sydney residential auctions

Bumper Saturday for Melbourne, Sydney residential auctions
Bumper Saturday for Melbourne, Sydney residential auctions

Sydney set a new record for June house auctions with 789 home going under the hammer over the weekend, according to Domain's Andrew Wilson.

Sydney holds a preliminary auction clearance rate 74.3 percent from the weekend listings.

Domain's Andrew Wilson said the hot winter weekend significantly surpassed the previous record set of 670 on set on June 20 2015.

"The previous weekend’s clearance rate was 75.9 percent, and over the same weekend last year it was 80.1 percent," he said.

"It was the third consecutive decline in weekend results with the local market now tracking well below the 79.3 percent average weekend rate recorded over the autumn selling season. 

"Sydney recorded an overall auction clearance rate of 71.6 percent in May which was lower than the 73.3 percent recorded over April but higher than the 69.4 percent reported over May last year.

"Auction listings averaged 858 each weekend over May which was well ahead of the 709 recorded over April and the 637 listed over May last year.

"The May listings result was also a record for that month.

"It’s only the first weekend of the month and already the record has been broken for the most auctions listed and the most properties sold in June.  

"The Melbourne market continues to be deluged by a flood of auction listings with 1045 homes going under the hammer on Saturday – well ahead of the previous record of 955 set on June 18, 2016.

"The city recorded a clearance rate of 75.9 percent at the weekend, which was lower than the 76.6 percent the previous weekend but higher than the 74.4 percent recorded over the same weekend last year.

"Saturday’s clearance rate was the second consecutive year low result, with the local market now tracking well below the 79.5 percent average weekend rate recorded over the autumn selling season. 

"Melbourne recorded an overall auction clearance rate of 75.1 percent in May, compared with 75.9 percent recorded in April and 70.3 percent reported in May last year.

"Auction listings averaged 974 each weekend over May, which was well ahead of the 768 recorded in April and the 862 listed in May last year.

"The May listings result was also a record for that month. Over the first five months of this year 14,987 homes have been listed for auction in Melbourne, which is an increase of 14.3 percent on the same period last year."

Tags: 
Property market Residential Sales

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