Weekend auction wrap: Where the hammer fell

Sydney just pipped Melbourne during the neck-and-neck auction clearance rate race, with a 56% weekend clearance rate compared with Melbourne's 55%. But both results are still with the stewards, given an unusually high rate of unreported results. There are 165 results yet to be notified to Australian Property Monitors, of the 399 scheduled auctions in Sydney. Melbourne awaits 114 results of its 740 scheduled tally by the Real Estate Institute of Victoria, and initially the REIV had suggested there would be 875 auction results.

Even the reported Sydney results are seriously wanting because 64 of the published outcomes give no price outcome. Fair enough for the 14 withdrawn and/or no-bid auctions. But there were 34 passed-in results across Sydney where the agents have declined to give the passed-in price, and a further 16 sales where the price has been withheld from publication. And auctions are supposed to be an open transparent process?

Much attention was accorded to the $1 million-plus markets in both cities, especially after Melbourne buyers’ agent Mal James noted there were 150 in his bailiwick.

Given the Melbourne volumes were the highest since the pre-Easter rush, Saturday was dubbed Super Saturday. (Sydney's is next Saturday.)

But the superlatives didn't flow following the results, with indeed the headlines suggesting it was so-so, in a stupor or simply sucked.

James notes the Stonnington municipality had a 35% success rate above $1 million; the bayside suburbs were 45%; Port Phillip was 22% with the leafy east Boroondara the best-performing precinct at 65%.

There were only 20 known $1 million plus offerings in Sydney, and APM shows 16 selling.

The overall 56% Sydney clearance rate for houses and apartments mirrored the 56% of the same weekend last year.

But the 400 number was down by about 20% on last year, according to Australian Property Monitors research analyst Clinton McNabb.

Melbourne's clearance rate was well down on the 67% on the same October weekend last year, when 1,120 properties went to auction.

Melbourne volumes ease next weekend, given the spring racing carnival, to just 445 auctions.

But Sydney jumps to 600 plus for the last weekend in October. This falls short of Sydney's record 670 weekend in September 2009, the biggest auction day in the state's history. The 2009 record day was a combination of circumstances – the influx of early spring listings after inactivity for much of the previous 18 months after the global financial crisis; good weather; vendors getting in before the October long weekend and school holidays interruption, and also it was the last weekend before the First Home Owner Boost started to phase out.

Melbourne typically can have five or so 1,000-plus auction weekends but doesn't look like it will be getting one in 2011.

Melbourne's biggest auction day, with a record 1,400 properties, was in March 2008.