Sydney weekend auctions levels 40% higher than last August
The rising trend in Sydney auction listings continues with 412 properties scheduled to go under the hammer this weekend compared to 297 over the same weekend in 2012.
Australian Property Monitors says Sydney’s inner west is the most popular region for auctions with 69 properties.
The next most popular region is Sydney’s south with 59 auctions followed by the upper north shore with 57 auctions with the city and east and the lower north shore each with 38.
Strathfield is the busiest suburb for auctions with 9 auctions followed by Mosman on the lower north shore with 7.
Rozelle, Greenacre, Yagoona and Baulkham Hills all have six home auctions scheduled this weekend.
APM's senior economist Dr Andrew Wilson says the Sydney home auction market continues to track at record levels with last weekend’s 81.6% clearance rate the sixth consecutive result above 80%.
Weekend auction clearance rates have averaged 81.6 percent over the past 6 weeks compared to an average of just 61.5 percent over the same period last year.
Some 1576 properties have been offered for auction in the Sydney weekend market this month, nearly 40% higher than the 1131 offered over the same weeks last year.
Seller activity is on the rise in Melbourne with the 2253 properties listed for auction so far in August which is 22% higher than 1847 listed over the same weeks last August.
Last weekend’s Melbourne auction clearance rate of 75% which APM noted was the highest recorded so far this year with success rates now averaging 70% over the past month.
