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Both Sydney and Melbourne are expected to have much higher volumes of auctions this weekend than the same time last year.
Sydney is once again expected to be the standout performer. According to Australian Property Monitors, 632 homes are scheduled to go under the hammer, 38.6 per cent higher than the 456 that were listed over the same weekend last year.
“The inner west is, as usual, clearly the most popular region for auctions this weekend in Sydney, with 110,” said senior economist Dr Andrew Wilson.
“Next highest is the south with 87, followed by the upper north shore with 73, the city and east with 70, the lower north with 65, and the northern beaches with 55 auctions listed.
“Mosman, on the lower north shore, is the most popular suburb for auctions this weekend, with 12 listed.”
Latest Australian Bureau of Statistics (ABS) building approval data for Sydney continues to provide positive news for housing market supply and local economic activity.
A total of 2,809 dwellings were approved for construction in Sydney over January, which was 31.3 per cent higher than the 2,140 that were approved over January last year.
Melbourne is expected to also improve on last year's auction numbers – but not as dramatically as Sydney.
APM is expecting 930 auctions, up by almost 100 from last year’s 832 over the same weekend.
The most popular region for auctions in metro Melbourne this weekend is the inner south, with 157 auctions scheduled.
“Most popular suburbs for auctions this weekend in Melbourne are Reservoir in the north east with 19, followed by St Kilda with 16, East Bentleigh with 14 and Glen Waverley, Cheltenham, Glen Iris and Camberwell each with 12 auctions scheduled,” Dr Wilson said.
“Melbourne’s housing market has produced an encouraging start to the year, with activity levels higher than over the final months of 2013.
“This weekend will provide another vigorous test for an auction market set to continue to return more solid results.”
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