The city of Melbourne hosted twice as many auctions as Sydney over the weekend, with about 98 auctions in metro Melbourne. According to Domain, this is nearly twice the number of auctions, at 56, on the same weekend last year.
On the other hand, there were only 44 properties in Sydney that went to auction during the weekend and it's about half the number of properties auctioned a year ago. Based on the report provided by the Domain Group on Saturday, Melbourne has a clearance rate of 74 percent from 55 reported auctions.
It may still be too early to come up with a valid market insight based on this figures. According to Domain, clear market trends for 2016 will not be seen until late February as higher volumes are expected to pitch in. However, it is noted that the seller demand for auctions depend on the confidence in residential property, in this case the willingness of sellers could most likely double the number of auction listing.
Domain Group chief economist Andrew Wilson said, "It is a clear reflection that people are still quietly confident they can find a buyer, whereas Sydney has half the number of auctions it had on the same weekend last year. We need to see how things unfold, but the signs do reflect the price energy of last year."
Melbourne houses are relatively cheaper than Melbourne. According to Domain, this drives up among interstate and overseas migrants. Based on the house price data released last week by the Domain Group, Sydney's median house saw the biggest drop in home prices at 3.1 percent to $1,013,258 as median unit price dropped 2.8 percent to $655,845. On the other hand, even if the median house prices in Victoria's capital have risen 1.8 percent and a 1.3 percent increase for units the Melbourne market is steady and prices are still slow.
