With the lengthy April holiday period now finally a thing of the past, the now fully-focussed home auction markets commenced the new month with the Sydney and Melbourne property markets each recording robust results despite a predictable lift in listings.
Auction numbers will rise over the coming weekends leading up to the Queens Birthday holiday weekend in early June – notwithstanding the inevitable distraction of federal election day on May 18.
Opportunities will remain for buyers to take advantage of those sellers eager to close out a deal before the onset of the relatively quieter winter market.
Is a late autumn market revival in the wind?
Sydney Auction Market Bounces Back Hard
Into May Sydney’s home auction market regained its recent solid results profile at the weekend with the market now back in full swing after the past month of holiday distractions.
Sydney reported a published auction results clearance rate of 63.4% which was well above the previous weekend’s 51.1% and similar to the same weekend last year’s 65.2%.
Auction listings also predictably bounced back at the weekend with 451 reported which was well ahead of the previous weekend’s 302 but again well below the 635 listed over the same weekend last year Sydney recorded a median weekend auction price of just $910,000 at the weekend which was well below the previous weekends $1,087,500 and the $1,212,000 recorded over the same weekend last year.
The City and East bounced back at the weekend recording the top regional rate of 80.7% although the Lower North and Inner West were well down on recent results at just 48.0% and 52.6% respectively.
May has commenced on a positive note for the Sydney auction market with the clear prospect of a continued solid performance by buyers for the remainder of the month despite ongoing election distractions.
Melbourne Auction Market Storms
Into May Melbourne’s auction market shrugged off April’s holiday distractions to record its highest clearance rate of the year and the top capital city result.
Melbourne’s published results clearance rate of 64.0% was well ahead of the previous weekend’s 59.5% and also higher than the same weekend last year’s 62.6%.
Auction numbers were also predictably higher at the weekend with 589 listed compared to the previous weekends holiday-impacted 386 but again well below the same weekend last year’s 950. Melbourne’s median weekend auction price of $715,000 was similar to last weekend’s $717,500 but well below the same weekend last year’s $835,000
The Inner South and the Inner Urban reported the highest regional clearance rates at the weekend with 74.1% and 74.2% respectively.
Buyer activity however was reasonably consistent with all regions with rates above 50% Melbourne’s unit market continues to outperform houses with a robust rate of 72.7% compared to 61.0%.
Melbourne’s weekend auction market has been steady this year with clearance rates consistently in the mid-50’s.
This weekend’s stronger result however sets the scene for a May revival with buyers set to take advantage of sellers keen to close a deal before the winter closedown in activity.
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