Auction momentum continues

Sold.Sydney and Melbourne auction markets this weekend continued the strong performances recorded so far this season, despite rising listing numbers.
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Both markets are exhibiting early-season buyer momentum well ahead of the results recorded over the same period last year.

Despite another day of inclement weather, Sydney recorded another strong clearance rate of 69.3 per cent, marginally down from last weekend’s 76.3 per cent. The weekend rate was nonetheless significantly higher than the 55.3 per cent recorded over the same period last year.

Listing numbers in Sydney were down marginally from last weekend, but the 455 properties offered for auction remained 22 per cent higher than the 374 listed over the same weekend last year.

The trend of higher weekend auction listing numbers compared with last year is set to continue at least through to Easter, reflecting increasing confidence by sellers.

Sydney’s inner west again reported the most auction sales at the weekend with 41, an auction clearance rate of 72 per cent and an average sale price of just over $1 million.

Properties on the Upper North Shore – particularly in the suburbs of Chatswood, Epping and St Ives – were also popular with buyers, with a clearance rate of 71 per cent.

The most expensive property sold in Sydney was a five-bedroom home in Sylvania Waters that went for $3.47 million.

Melbourne also reported another encouraging clearance rate at 65.8 per cent, following last weekend’s 71.6 per cent, reflecting continuing solid market conditions.

The clearance rate was well clear of the 57.4 per cent recorded for the same weekend last year.

The auction listings numbers in Melbourne were down slightly from last weekend and also down from the same weekend last year, but provided the market with a solid test.

Lower numbers of auctions this weekend may reflect the impact of very strong auction listings scheduled for the two pre-Easter weekends following the usual pause for next weekend’s Labour Day holiday.

Rising confidence and improved affordability through historically low interest rates have had a clear impact on the Sydney and Melbourne housing markets.

With the Reserve Bank set to meet on Tuesday to decide on the direction of rates this month, it will be mindful of the housing market environment. Despite concerns over the performance of some sections of the national economy, expect rates to remain on hold.

Dr Andrew Wilson is senior economist for Australian Property Monitors. [email protected]

The original release of this article first appeared on the website of Hangzhou Night Net.

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