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Sydney set for auction bonanza

By Lachelle Ferguson

Sydney is set to host the highest number of properties for sale at auction since June this weekend, as mid-winter momentum continues to build at record levels, according to senior economist for Australian Property Monitors, Dr Andrew Wilson.

Dr Wilson said 404 auctions had been scheduled this weekend, which was higher than last weekend’s 331 and even higher than the 308 auctioned over the same weekend last year.

The upper north shore was set to host the highest number of auctions this weekend at 73, followed by the inner west at 66, the south at 36, the west at 34 and the city and eastern suburbs at 33.

“Seller activity in Sydney rose sharply this July compared to July last year, as vendors unsurprisingly decided to take advantage of the strongest winter housing market experienced on record,” Dr Wilson said.

“Sydney auction listings were up 16.5 per cent over the year to 1,577, compared to last July’s 1,344 listings. The biggest rise in listings came from the south, the lower north, the inner west and the northern beaches suburban regions, with strong increases over the year of 48.1 per cent, 34 per cent, 29.8 per cent and 25.4 per cent respectively.”

Dr Wilson said the steep increase in mid-winter seller activity reflected the strong clearance rates properties in those areas had been recording over most of the year.

In Melbourne, 566 properties were scheduled to be auctioned off, which was a larger figure than last weekend’s 526 and the 469 auctioned over the same weekend last year.

“Melbourne’s inner bayside suburbs are the most popular for auctions in Melbourne this weekend with 114 scheduled, followed by the inner city and the west with 90 auctions each, the inner east with 86 and the north east with 79 properties set to go under the hammer,” Dr Wilson said.

Listings in Melbourne have increased as sellers have taken advantage of strong competitions amongst buyers for homes. The biggest rise has come from the inner east, the north east and the north suburban regions, with increases over the year of 47.6 per cent, 16.2 per cent and 10.3 per cent respectively.

Dr Wilson said mid-winter seller activity was clearly on the rise in Melbourne as vendors sought to take advantage of the best auction market conditions since 2010.

“Expect this trend to continue into spring, as buyers are increasingly activated by record low interest rates and rising confidence,” he said.

Source: Real Estate Business

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