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End-of-year rush on auctions in...

End-of-year rush on auctions in Sydney

Auction numbers are on the rise in Sydney thanks to an end-of-year rush of sellers looking to get properties on the market before 2016 comes to a close. 

More than 900 homes are set to go under the hammer in the city over the weekend (December 10th to 11th), Domain reports. 

This is higher than the previous weekend's figure of 874 and significantly higher than the corresponding 734 auctioned over the same weekend last year. 

Further to this, over 600 homes will be auctioned on the final Saturday of the season when it comes in two weeks' time, which is a record final weekend offering for Sydney.

The highest number of regional auctions will be held in the upper north shore, where 126 properties will be listed. This is closely followed by the south with 121, the inner west with 117 and the city and east with 113. 

Remaining regions are the west, the lower north, Canterbury Bankstown, the south-west, the northern beaches, the north-west, the central coast and the Blue Mountains, with 84, 73, 69, 65, 50, 41, 20 and two auctions respectively. 

The most popular suburb is Castle Hill, where 11 properties are being sold, followed by Epping, Paddington and St Ives with ten each. Several suburbs, including Ashfield, Eastwood, Surry Hills and Condell Park, have nine homes listed. 

Chief economist for the Domain Group Andrew Wilson said: "The Sydney home auction market commenced summer on a weaker note last weekend as sellers continue to flood the market ahead of the looming end of year holiday shutdown."

Last week's auctions had a clearance rate of 75.8 per cent, which was slightly lower than the 78.8 per cent for the previous weekend, but higher than the 57.5 per cent recorded over the same weekend last year.

"Although last Saturday's rate was the lowest recorded by the local market for over four months, it was nonetheless still a good result for sellers and reflects the surge in listings over recent weekends," Mr Wilson commented. 

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