As seen in the Source link, written by propertyupdate.com.au on 2019-02-16 16:53:51
A predictable surge in auction listings this weekend has failed to dampen rising optimism that buyers perhaps are now slowly shrugging off last year’s doom and gloom.
Weekend clearance rates in Melbourne and Sydney were similar to last weekend’s results and again well above the record low levels recorded in the bleak end to last year’s market.
The smaller capitals also produced heartening results for sellers reflecting national markets generally on the rise.
Challenges remain and the season is only two weekends old with another surge in listings expected next weekend.
But the sceptics who were out in force following last weekend’s better than expected results may just have to start whistling a different tune sooner rather than later.
Sydney’s Auction Regions Shine As Market Revives
The Sydney real estate auction market continues to show early signs of a revival with early-season buyer activity clearly on the rise.
Inner city, higher-priced regions have predictably led the charge carrying on their market-leading performances of the past year.
The Inner West was Sydney’s top performing region on Saturday results with a strong clearance rate of 82.0% followed by the Northern Beaches 78.9%, the South 77.3% and the consistently solid Lower North with 76.0%.
Sydney reported a median auction price of $1,224,000 on Saturday which was higher than the previous Saturday’s $1,060,000 but 2.1% lower than the $1,250,000 recorded over the same Saturday last year.
Sydney’s home auction market will host increased listings over coming weekends and although numbers still remain well below those recorded the same time last year, recent positive results if maintained will certainly encourage those sellers sitting on the sidelines to get involved.
Melbourne’s Inner East Back In Town
At last Melbourne’s housing auction market produced another encouraging result on Saturday with clearance rates again holding well above 50% despite a predictable surge in listings.
Regional results were reasonably consistent on Saturday with most areas providing sellers with solid returns.
The Inner East reported the leading clearance rate with 66.7% followed by last weekends leader the Inner City with 64.1% and the Outer East with 61.9%.
The Inner East was a consistent regional under performer in the Melbourne auction market last year but has certainly started this year off on the front foot with consecutive market leading results and buyers clearly re-activated – so far.
Melbourne recorded a median auction price of $750,000 on Saturday which was higher than the $655,000 recorded last Saturday and the same as recorded over the same Saturday last year Melbourne’s home auction market has clearly started the year off with significantly better results for sellers generally than were reported over the dismal finish to last year.
Listings will however surge over the next two weekends and produce sterner tests for the early season market – but so far so good.