Another big weekend of Sydney auctions as summer arrives

Sydney will host another big weekend of auctions on the first Saturday of summer following last weekend’s spring Super Saturday auction bonanza.

Hungry Sydney home buyers are finally being presented with more choice of properties following a spring selling season with listings well below the offerings of spring last year.

More than 850 homes will go under the hammer in Sydney on Saturday, which although below last weekend’s year-high 961 total, will be similar to the 882 auctioned over the same weekend last year. 

Sydney’s south has the highest number of auctions this weekend with 118 followed by the inner west 113, the upper north shore 109, the city and east 94, the lower north 90, the west and the northern beaches each 81, the south-west 57, Canterbury Bankstown 47, the north-west 36, the central coast 26 and the Blue Mountains with one auction scheduled at the weekend.

Blacktown is the most popular auction suburb in Sydney this weekend with 16 followed by Manly 12, Mosman 11, Hurstville nine, and a number of suburbs with eight auctions listed including Wahroonga, Ashfield, Eastwood, Epping and Chatswood.

The Sydney market breezed through the spring Super Saturday of home auctions last weekend recording another strong clearance rate despite hosting the highest listings day of the year.

Sydney reported a clearance rate of 78.8 per cent last Saturday, which was only just below the 79.5 per cent recorded the previous weekend and well ahead of 58.6 per cent recorded over the same weekend last year.

The northern beaches recorded another strong result last weekend with a leading regional clearance rate of 92.3 per cent. Next highest was the city and east with 89.7 per cent – and the highest sales at 96, followed by the inner west 89.6 per cent, the south 79.5 per cent, the upper north shore 79.1 per cent, Canterbury Bankstown 76.5 per cent, the lower north 75.4 per cent, the west 71.7 per cent, the central coast 67.9 per cent, the south-west 58.9 per cent and the north-west down sharply on Saturday with a clearance rate of just 42.3 per cent.  

Sydney’s home auction market continued its strong spring performance with more robust results over November. Sydney reported an overall monthly clearance rate of 74.9 per cent, which was just below the 76 per cent recorded over the previous month but well ahead of the 61 per cent recorded over November last year.

November’s high clearance rate was achieved despite a late spring surge in listings with average weekend auctions climbing from 593 over October to 812 over November. Auction numbers however remain well below last year’s total with 8762 fewer auctions conducted over the first 11 months of this year compared to the same period last year – a fall of 24.5 per cent.

Auction values increased over November to a median sale price of $1.3 million compared to October’s $1.27 million and well ahead of November last year’s median of $1,205,000.  

Dr Andrew Wilson is Domain Group’s chief economist

Twitter @DocAndrewWilson

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