Increasing auction volume barely sates weekend auction appetite in Sydney, but mixed messages amid Melbourne results

Weekend volumes rose on February's second Saturday auction spree and Sydney's success rate followed - up at 84.4%.

The preliminary Sydney figure come from 212 results of the 290 offerings this weekend.

The trend of higher volumes will test the market all through February.

But Dr Andrew Wilson, the senior economist for Australian Property Monitors, anticipates low, and still-falling, interest rates from rising competition among banks, together with restored confidence, will underpin buyer activity over the autumn selling season.

After late results, Sydney first clearance rate of the year of 80.3% last weekend, February 1 was actually revised down to 77.5%, though roughly inline with the spring 2013 success rate.

APM had Melbourne's clearance rate at 75.6% this weekend.

The preliminary APM Melbourne results come from 176 of the 260 estimated offerings this weekend.

Melbourne's first February weekend recorded an initial metro auction clearance rate of 73.6%, which APM increased to 74.1% after late results from the February 1 weekend, and almost identical to the 73.2% average weekend rate recorded over the spring selling season.

But the weekend Melbourne result - or momentum direction - was actually not clear as the REIV had a clearance rate of 68% today. And unlike APM, the REIV preliminary result today was down on the REIV's revised 72% total for last weekend, and also down on its preliminary 75% Saturday night result on February 1. 

There were 230 auctions reported to the REIV today, February 8 although the REIV had indicated it had been expecting around 390 auctions this weekend, another key difference between the two Saturday night data providers.

RP Data noted in Melbourne, Australia’s largest auction market, there were 334 auctions in the past week, including Saturday February 8, up from 104 the previous week. Melbourne’s preliminary auction clearance rate was recorded at 68.8%, compared to 74.7% last week, RP Data indicated.

Across Sydney, the auction clearance rate was recorded at 81.2% over the past week across 358 auctions, while over the previous week there were 121 Sydney auctions with a clearance rate of 75.0%, RP Data noted.

Residex indicated it collected 91% of all auction sales across the Sydney metro for Saturday February 8 and concluded there was a 79% clearance rate.

On the weekend, Sydney's inner west hosted the highest number of Sydney auctions with 49 scheduled including the Lilyfield home of former AC/DC guitarist Mark Evans.

The south had 39 auctions, followed by the upper north shore with 35 and the south west 22, APM indicated.

Wahroonga on the upper north shore and Balmain in the inner west each had six offerings followed by Strathfield, always a strong auction generator, with five offerings. Strathfield took away the weekend's highest sale - 6 Long Street (pictured below) through Devine Real Estate at $2,280,000.

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Melbourne’s west hosted the highest number of auctions with 59 scheduled this weekend.

The outer east sat next with 43 auctions followed by the south-east with 38 and the inner bayside 33, APM indiacted.

Glen Waverley in the outer east with eight followed by Preston in the north east and Dandenong in the south east each with six were the busiest auction suburbs this weekend.

APM had the highest Melbourne sale as 25 Gordon St, Elsternwick (pictured below) through Biggin & Scott at $1,222,000.

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But the REIV had the highest sale as $1,480,000 for 4 Ian Road, Mount Martha (pictured below).

{yoogallery src=[images/stories/2014/02/10/martha]}

news@propertyobserver.com.au

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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