Booming Sydney market breaks for Easter

The booming Sydney home auction market will pause this weekend for the Easter holiday break and reflect on what has been a remarkably strong first half to the autumn selling season.

Just 49 homes are scheduled to go under the hammer on Saturday which will be predictably well below last weekend’s all-time record Super Saturday of 1154 listings and similar to the 54 auctioned over the Easter weekend last year.

Auction numbers in Sydney have surged this year so far with sellers keen to take advantage of strong market conditions.  7330 auctions have been listed since February which is 1982 more or 37.1 per cent higher than the 5348 auctioned over the same period last year.

Sydney’s south west will be the most popular regions for auctions on Saturday with 12 followed by the northern beaches 7, the upper north shore and the south each with 6, the lower north 5, the inner west and the central coast each with 4, Canterbury Bankstown 2 and the city and east, the west and the north west each with one auction listed at the weekend.

The most popular suburbs for auctions in Sydney are St Ives and Liverpool with 3 each followed by a number with 2 auctions including Mosman, Ryde, Dee Why, Camperdown and Cabramatta.

The Sydney weekend home auction market went nuclear last Saturday with a remarkable record-breaking performance to close out the early autumn selling season ahead of the Easter break.

Sydney reported yet another boom-time clearance rate of 80.9 per cent last weekend which was similar to the previous weekends 81.3 per cent and remained well ahead of the 70.3 per cent recorded over the same weekend last year.

Sydney has now recorded five consecutive weekends with clearance rates above 80 per cent for the first time since the peak market conditions of July 2015.

Sydney recorded its highest ever number of weekend auction sales last Saturday and at $760.9 million also a record value of homes sold.

Sydney has recorded an average weekend clearance rate of 81.2 per cent since February which is well ahead of the 74.1 perc ent recorded over the same period last year. The local market will now turn towards the usually quieter winter season full of confidence for more strong performances to close out autumn.

Dr Andrew Wilson is Domain Group Chief Economist Twitter@DocAndrewWilson join on LinkedIn and Facebook at MyHousingMarket.