Real estate agents are gearing up for a bumper selling weekend, with more than 1,670 auctions scheduled.
According to RP Data’s national research director Tim Lawless, the number of auctions is one of the highest on record, and if auction clearance rates are anything to go by, more than 70 per cent of the listed properties could be sold under the hammer.
Mr Lawless said the national weighted auction clearance average has been sitting above 70 per cent for the past 15 weeks.
“When clearance rates are high we can assume that there is a healthy level of optimism among buyers and that vendor expectations about the value of their property is aligned with buyer expectations,” he said.
Around Australia, clearance rates have more relativity to some markets than others. Melbourne and Sydney markets collectively represent 85 per cent of the nation’s auctions each week.
At the capital city level, auctions as a method of sale are most popular in Melbourne, where 29 per cent of homes advertised for sale are auction listings. This represents more than double the national average of 14 per cent.
At the other end of the spectrum, auctions in Perth and Hobart are the exception with less than 3 per cent of homes being sold under this method.