Capital cities feel summer heat

The first weekend of summer has seen a five month low in recorded auction clearance rates across Sydney & Melbourne in what has been described as a pre-Christmas rush, with an increased number vendors listing their property for sale by auction before the year is out.

In Sydney, the auction clearance rate was 78.2% across 835 auctions, according to APM. The number of reported auctions across Sydney has increased by more than 30% when compared to the 628 listed on the same weekend last year. (APM)

Senior economist at APM Dr Andrew Wilson said the Sydney result was still a solid outcome for sellers given the unprecedented number of auctions conducted over the weekend.

“Sydney’s pre-Xmas rush to the market by sellers is set to continue right to the end of the year with next Saturday set to break the all-time record for auctions – set just two weekends ago,” he said. “And next weekend’s 950 auctions will be followed now by an extraordinary 250 properties scheduled to be auctioned just 4 days before Xmas Day.”

In Melbourne, APM reported an auction clearance rate of 66.7% across 1,319 auctions.

RP Data Victoria housing market specialist Robert Larocca said: “After an unprecedented five consecutive 1,000 plus weekends it is not a surprise that the clearance rate has continued to cool.

“This is especially as the current rise in auction listings is outstripping the broader rise in transactions in the residential market.

“There are only two weekends for auctions left this year and buyers will continue to have the upper hand,” he said.

Auction Results:

Sydney: 78.2% (APM)
Melbourne: 66.7% (APM)
Brisbane: 60% (APM)
Adelaide: 68% (Real Estate View)