Sydney weekend auction stock down 24 percent year to date

Jonathan ChancellorAugust 25, 20160 min read

The last winter weekend sees around 550 homes set to be offered under the hammer on Saturday across Sydney. 

More than last weekend’s 492 and the highest weekend offering since the pre-election rush of 632 recorded on June 25.

But the weekend’s auctions are much less than the record 811 auctioned over the same season-opening Saturday last year.

Domain's senior economist Dr Andrew Wilson said Saturday’s numbers are similar to the auctions on the last weekend of August in 2014 and 2013.

"So far this year there have been 4653 fewer weekend auctions," Dr Wilson advised which is a steep fall of 24.3 percent compared with the same period last year.

Randwick is Sydney’s most popular auction suburb this weekend with eight offerings followed by Chatswood, Marrickville and Wahroonga each with seven.

This weekend nearly 900 Melbourne homes are set to go under the hammer - the highest number since the pre-election rush of 901 auctions on June 25.

Saturday’s listings will be significantly higher than the 653 offered last weekend but below the 1046 auctioned over the same Saturday last year.

Auction numbers in Melbourne have fallen away over winter compared to last year with 1732 fewer auctions conducted – a fall of 7.5 per ent over winter last year. 

Melbourne’s weekend auction market has now recorded four weekends with clearance rates above 75 percent for the first time.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
Tags:
Sydney
Residential Auction
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