Jonathan Chancellor | 9 December 2012

Weekend auctions bring Sydney comeback while Melbourne remains steady

Sydney vendors' continued last-minute rush to sell before Christmas paid off with a strong boost in the clearance rate over the initial December weekend clearance rate slump. There were 632 scheduled auctions across Sydney on the weekend, with results of 459 tabulated.

"Sydney housing market bounced back with an auction clearance rate of 61.7% from the highest number of properties offered so far this spring," Dr Andrew Wilson, senior economist for Australian Property Monitors noted.

There was a 51.3% clearance rate in the prior weekend across Sydney, after an initial result put at 54%.

Wilson blamed the volatility in Sydney on the prestige market, saying the middle to low end of the market had “held up consistently throughout the year”.

In Melbourne the auction clearance rate sat at 60% from 875 reported auctions. The results of a further 94 auctions are yet to be reported. Last week's 60% rate fell to 59% after late results were counted.

The REIV expects about 920 auctions next weekend and about 120 in the week before Christmas, many of them mid-week twilight auctions. Melbourne's overall auction clearance rate is expectetrek conclude at 61% for 2012, two points higher than 2011, but five points lower than the long-term 30-year average of 66%, according to the REIV.