Almost 500 homes are scheduled to go under the hammer this weekend—significantly higher than the 393 auctioned last weekend but well below the 747 listed over the same weekend last year.

Sydney’s upper north shore suburban region will host the highest number of auctions at 79, followed by the inner west’s 64, the south’s 59, the city and east’s 58, the lower beaches and the lower north’s 41 apiece, Canterbury Bankstown’s 34, the west’s 33, the central coast’s 24, the north west’s 14, and the south
west’s 11. Wahroonga is the most popular suburb this weekend, followed by Randwick.

Last weekend, the Sydney home auction market saw a surge of sales following the Reserve Bank’s announcement of a new record-low official interest rate at 1.5 per cent. The clearance rate was at 79.4 per cent—the highest clearance rate in two months and the third highest of the year so far. This was also well ahead of the previous weekend’s 75.7 per cent and even the 75.4 per cent recorded over the same weekend last year.

Low auction numbers remain to be a challenge for property-hungry Sydney buyers, hence driving fierce competition and supporting higher clearance rates. However, auction numbers are expected to rise gradually over the coming weekends into spring.