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Another weekend of high-price a...

Another weekend of high-price auctions expected in Sydney

Last weekend in Sydney displayed a huge jump in the number of high-price house auctions, with over 250 properties coming under the hammer.

This is expected to rise to a huge 339 houses this coming weekend, which Domain reports is a "stern test" for the Sydney property market, according to the company's website.

With over 300 houses possibly sold this weekend, this marks a good start to this year; however, this number has fallen slightly from the amount of houses that were auctioned at the same time next year.

Figures to reflect this show that Sydney sellers are saying that auction numbers have fallen by 30 per cent from 2015-2016, using the first three weeks of the auction season as a reference.

Although auction numbers aren't as high, the home auction market in Sydney recorded its highest clearance rate for the past six months.

It's expected that a high clearance rate will lead to strong competition among buyers in the market for the properties that are left over from the auction.

Representing the highest number of auctions this weekend is the inner west of Australia, which posted the most listings the previous weekend too.

The inner west will have 59 houses on the auction, while the upper north shore follows with 44 properties. At the smaller end of the scale, Canterbury Bankstown has 14 properties, but the Blue Mountains has only one house for the auction this weekend.

Of the various suburbs represented in this weekend's auction, Randwick is the most popular from Sydney, which is closely followed by Mosman and Coogee.

It's important to remember that although the auction last weekend went very well, the early-season activity can typically be volatile. As a result, this weekend's activity, with a larger volume of property to auction will give a better understanding of what is hopefully going to be a strong Sydney housing market.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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