Record Super Saturday as sellers rush Sydney market

The Sydney home auction market will host a record number of listings this weekend in a remarkable pre-Easter Super Saturday of auctions.

Sellers are rushing the market in unprecedented numbers keen to take advantage of the current strong autumn conditions.

Over 1150 home are likely to go under the hammer on Saturday which will be well ahead of last weekend’s 800 auctions and significantly higher than the 523 conducted over the same weekend last year.

The previous record auction day in Saturday in Sydney was the pre-Easter Super Saturday in 2015 when 1128 homes were listed. Although the Easter holiday is a month later compared to last year, auctions listings have continued to rise over autumn. Sydney weekend auctions are 27.7 per cent higher or 1927 more so far this year compared to the same period last year.

The inner west will host the most number of auctions on Saturday with 163 followed by the upper north shore 161, the south 159, the city and east 134, the lower north 106, the northern beaches 94, the west 87, Canterbury Bankstown and the south west each 71, the north west 47, the central coast 31 and the Blue Mountains with 1 auction listed

The most popular suburbs for auctions this weekend in Sydney is  Mosman with 16 followed by Eastwood and Leichhardt each with 14 , Newtown 13,  Ryde and Miranda each with 12 and a number of suburbs with 11 auctions listed on Saturday including Blacktown, St Ives and Chatswood.

The booming Sydney home auction market reported yet another strong result for sellers last weekend ahead of this weekend’s record-breaking pre-Easter Super Saturday of auctions.

Sydney recorded a clearance rate of 81.3 per cent last Saturday which was higher than the previous weekends 80.2 per cent and well ahead of the 73.7 per cent recorded over the same weekend last year.  Last Saturdays result was the fourth consecutive weekend rate above 80 percent and the seventh recorded over the past 9 weeks since the beginning of February.

Inner suburban higher-priced regions again produced the highest clearance rates last weekend with the outer west continuing to record significantly lower rates by comparison.

The Reserve Bank has again decided to leave official interest rates on hold over April.  Rates have now been on hold since August last year when they were cut to the record low 1.5 per cent.

Although rates remain on hold, latest economic data remains mixed with the national unemployment rate now at a year high 5.9 per cent and latest retail sales data disappointing. A number of capitals have unemployment rates significantly higher than a year ago. A continued deterioration in the jobless rate and weak retail spending will likely result in official rate cuts sooner rather than later.

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