Super Saturday arrives early for red-hot Sydney market

The red hot Sydney home auction market will host its first Super Saturday of auctions this weekend with a record number of February properties set to go under the hammer.

Nearly 950 homes are likely to be auctioned in Sydney on Saturday which will be significantly ahead of the 675 listed last weekend and also well ahead of the 654 offered over the same weekend last year. The previous record day for February auctions of 785 was set on Saturday February 22 2014.

The city and east will again host the most number of auctions with 155 followed by the inner west 139, the south 112, the upper north shore 111, the lower north 102, the northern beaches 81, the west and the south west each with 54, Canterbury Bankstown 44, the north west 35, the central coast 25 and the Blue Mountains with 1 auction listed for Saturday.

The most popular suburb for auctions this weekend in Sydney is Mosman with 18 followed by Maroubra 14, Cremorne 13, Wollstonecraft 11, Randwick and Dee Why each with 10 and a number of suburbs with 9 auctions listed including Manly, Eastwood, Alexandria and Baulkham Hills.

There’s been no stopping the red-hot Sydney weekend home auction market so far this year with the local market recoding another exceptionally strong result last weekend.

Sydney reported its second consecutive boom-time result last Saturday with a clearance rate of 83.1 percent which was just below the previous weekends 84.2 per cent and was well ahead of the 76.8 per cent recorded over the same weekend last year.

Outer suburban regions topped the performance list for auctions results in Sydney last weekend which was a change from recent pattern of inner-suburban dominance.

The north west recorded a clearance rate of 95.2 per cent with 20 out of 21 reported auctions selling. Similarly the central coast was also strong at 92 .9 per cent with 13 out of 14 listings sold.  Next highest was the south with 91.8 percent followed by the inner west 89.6 per cent, the northern beaches 87.2 percent, the lower north 86.0 per cent, the upper north shore, 85.9 per cent, the city and east 79.8 per cent and the highest sales at 75, Canterbury Bankstown down this weekend to 70.6 per cent and the west and the south west each with a clearance rate of 66.7 per cent.

The Sydney auction market faces a monumental challenge this weekend with a record flood of auctions as sellers rush to take advantage of the current strong buyer appetite for property.

With a substantial increase in listings compared to last weekend’s total, this Saturday’s results will provide a clearer indication of the underlying demand for homes in Sydney. And with a significant higher proportion of inner suburban properties listed for auction don’t be surprised with yet another strong result.

Dr Andrew Wilson is Domain Group Chief Economist Twitter@DocAndrewWilson join on LinkedIn and listen 2UE Lifestyle Radio Fridays 11-12pm and Mondays 7-8pm.