Melbourne, Sydney have subdued weekend auction volumes
Auction in Melbourne and Sydney will be quieter this weekend despite buyer activity ramping up in Melbourne and low listings numbers in Sydney, according to Domain Group’s chief economist Andrew Wilson.
He said just under 800 homes are scheduled to go under the hammer in Melbourne, lower than the 846 auctioned last weekend and well down on the 955 conducted over the same weekend last year.
"Melbourne’s inner east is the most popular region for auctions this weekend with 118, followed by the west with 114, the inner south 111, the north east 99, the outer east 98, the inner city 96, the north 80 and the south east 51," he said.
"Kew is the most popular auction suburb in Melbourne on Saturday with 16, followed by East Bentleigh and Richmond each with 14, Burwood with 13, Reservoir 12 and Brighton and Craigieburn with 11 auctions each listed at the weekend.
"The current strength of the market is being shared consistently by most suburbs, but the north continues to be the star performer."
He said just over 550 homes are listed to go under the hammer in Sydney on Saturday with this weekend’s auction activity remaining well below last year’s 832 listings recorded over the same weekend.
"The inner west is the most popular region in Sydney this weekend for auctions with 87 listed, closely followed by the upper north shore 86, the city and east 67, the south 62, Canterbury Bankstown 46, the south west 45, the lower north 42, the northern beaches 39, the west 37, the north west 32 the central coast 14 and the Blue Mountains with two auctions scheduled on Saturday," he said.
"Epping, Strathfield and St Ives are the most popular suburbs in Sydney for auctions this weekend with eight each, followed by Annandale, Leichhardt and Artarmon each with seven and Wahroonga, Baulkham Hills and Turramurra each hosting six auctions on Saturday.
"The Sydney home auction market tracked backwards last weekend following a month of boom-time results to start the early spring selling season.
"Sydney recorded a clearance rate of 77.1 percent last Saturday which, although sharply lower than the previous weekend’s 80 percent, remained significantly ahead of the 72.4 percent recorded over the same weekend last year.
"Although results were down last weekend, the Sydney early spring auction market continues to produce healthy results for sellers.
"Auction numbers however remain well below last year’s record-level offerings. Total listings are also sharply lower with newly listed homes falling by 22.6 percent over August compared to the same month last year."