Buyers and sellers pile in for record weekend

Super Saturday delivers record-breaking results for supercharged home auction markets   

29 March 2021 | Dr Andrew Wilson, My Housing Market

Home auction markets peaked at the weekend hosting a flood of listings in the usual pre-Easter Super Saturday rush to market by sellers avoiding the distractions of the upcoming holidays.

This year however supercharged housing markets have delivered record-level buyer and seller activity reflecting the current seemingly insatiable demand for property.

All capitals reported clearance rates above 80% despite high listings numbers that were well ahead of last year’s totals over the same weekend – with the exception of Brisbane.

Weekend auction markets will now take a well-earned break for the Easter holidays with the next phase of the autumn selling season certain to provide more-record breaking results.

Sydney Smashes Auction Market Records Across-the-Board 

The Sydney housing market continues to soar to unprecedented heights with a record-breaking performance on the pre-Easter Super Saturday of auctions. 

Sydney reported a near-record clearance rate despite hosting its highest ever Saturday of auctions. Weekend records were also set for the number of homes sold under the hammer and the total value of property sold.

Sydney recorded yet another clearance rate above 90% on Saturday – remarkably the fourth reported in the last 5 weekends – with the 90.4% result just below the previous weekend’s all-time high 92.4%.

Although the pre-Easter Super Saturday is typically the biggest auction day of the year in Sydney, this year’s offerings soared to a new all-time record number of auctions hosted on a Saturday.

1227 auctions were listed on Saturday which was well ahead of the previous weekends 856 and the covid-impacted 1058 recorded over the same weekend last year. The previous highest Saturday total for Sydney auctions was 1154 recorded on April 8 2017.

Sydney recorded a median price for houses sold at auction on the weekend of $1,573,000 which was 2.3% lower than previous weekend’s $1,610,000.

Most Sydney regions again reported clearance rates above 90% at the weekend with the Central Coast, Inner West, Northern Beaches and Upper North Shore top performers.

The clearance rate for houses was 91.5%, with units 87.3%.  

The top reported Sydney auction sale at the weekend was a 3-bedroom house at 4 Sea St Hunters Hill that sold for $9,000,000.View top selling home here 4 Sea St Hunters Hill

Red-Hot Melbourne Auction Market Breaks Super Saturday Record 

Melbourne hosted a mountain of auctions at the weekend in the usual Super Saturday feast of pre-Easter listings.

1593 homes were reported auctioned on Saturday which was well ahead of the previous weekends 1117 and the higher than the same weekend last year’s 1400. Saturday’s total was just below the highest Melbourne autumn auction Saturday of 1598 recorded in 2016.   

Despite record-level offerings, Melbourne recorded its highest clearance rate since the season-opener on January 30. The 83.7% result was higher than the previous weekends 82.1% and well above the covid-impacted rate of the same weekend last year.

With near record listings and a boom-time clearance rate, the Melbourne market recorded its highest ever number of Saturday auction sales and total value of homes reported sold under the hammer on a weekend. 

Melbourne recorded a median price of $1,015,000 for houses sold at auction on the weekend which was 3.6% higher than the previous weekend’s $980,000.

Melbourne’s South East, Inner South and Outer East were the top performing regions at the weekend with clearance rates above 85% – with rates for houses at 84.4% and units 81.0%.

Melbourne’s top reported auction sale at the weekend was a 5-bedroom house at 64 Central Park Rd Malvern East that sold for $4,715,000. View top selling home here  64 Central Park Rd Malvern East

Dr Andrew Wilson is Chief Economist of My Housing Market