High auction listings challenging Sydney market

The Sydney weekend auction market will continue to be tested this weekend with another near-record number of August auctions scheduled on Saturday.

704 homes are currently listed to go under the hammer which is below the 724 auctioned last weekend but again well ahead of the 440 auctioned over the same weekend last year

An unprecedented 2918 homes have been listed for Saturday auctions over August so far this year which is well ahead of the 1718 listed over the same period a year ago. And next weekend 800 auctions are scheduled in Sydney which will again be close to the Saturday August record of 847 set three weekends ago.

Sydney’s inner west will again host the most number of auctions this weekend with 107 followed by the upper north shore with 96, the south 90, city and east 82, the south west 57, the lower north 56, the west 54, the northern beaches 52, Canterbury-Bankstown 51, the north west 42, central coast 16 and the Blue Mountains with just 1 auction scheduled this weekend.

The most popular suburb for auctions in Sydney this weekend will again be Baulkham Hills with 13 followed by Newtown and Campsie each with 9, Castle Hill, Casula and Manly each with 8 auctions scheduled and Chatswood, Cremorne and Bexley each with 7 auctions listed this weekend.

The Sydney home auction market bounced back last Saturday following the previous weekend’s year-low result.

Sydney reported a clearance rate of 79.7 percent – an increase from the 75.4 percent recorded the previous weekend but still below the 82.1 percent recorded over the same weekend last year.

Although last Saturday’s result was a clear improvement, it was nonetheless the fourth consecutive weekend with clearance rates below 80 percent. Record numbers of auctions over the past month have been a contributor to lower clearance rates with supply catching up with strong underlying demand and offering buyers more choice of properties.

Dr Andrew Wilson is Domain Group Senior Economist Twitter@DocAndrewWilson The Property Show expert 2UE Saturdays 12.30-1pm