Melbourne weekend auction numbers down following the pre-spring surge
Auction numbers are down this weekend in Melbourne following last week's pre-spring Saturday surge.
According to Domain senior economist Dr Andrew Wilson just over 700 homes are scheduled to go under the hammer this Saturday, significantly fewer than the 877 auctioned last weekend and auction numbers will also be well down on the 880 conducted over the same weekend last year,.
According the Dr Wilson, Melbourne’s west continues to be the leading suburban region for auction listings with this weekend 121 homes scheduled to go under the hammer.
"Next highest is the inner city region with 105, followed by the inner south with 103, the outer east 88, the north west 83, the inner east 77, the north 64 and the south east with 47 auctions listed," he said.
"Mount Waverley heads the list for the most popular auction suburb in Melbourne on Saturday with 14, followed by St Kilda, 12, East Bentleigh and Craigieburn each with 11, RESERVOIR and South Morang each with 10 and a number of suburbs with nine auctions listed including Preston, South Yarra and East Brighton.
"Although spring officially starts in September, the spring selling season typically commences over the last weekend in August with a surge in auctions signalling the end of the more subdued winter market.
"Strong clearance rates will result in higher houses prices in Melbourne, although the level of growth is unlikely to match the extraordinary results recorded at the height of last year’s prices boom."