The successful run of auctions last week is not expected to be repeated this Easter weekend.
According to propertydata.com.au, there are only 60 auctions scheduled for Melbourne and 310 in Sydney.
“Buyers will forego auctions this weekend for fairyfloss and rides,” Will Hampson from MyAuctioneer told Real Estate Business.
Australian Property Monitors (APM) reported that over 2,000 auctions were conducted over the weekend just gone.
It stated that Melbourne had a 66.1 per cent clearance rate from 1,152 properties, while Sydney’s clearance rate was 70.5 per cent after 682 properties were auctioned.
Mr Hampton said the high number of auctions was due to low interest rates and buyer demand coinciding with sellers’ decisions to put their property up for sale at the beginning of March.
“This year seems to be a stronger start than last year and clearance rates over the last month of March have been very healthy, so in excess of 60 per cent for Sydney. I think we will continue to see good activity and a very strong finish to the year,” he said.
He anticipated that auctions would peak again during the spring months.
“I hope this year the market will kick a bit earlier," he said. "Last year August was quite slow and the numbers of auctions weren’t high in volume. But hopefully this year, post-election, those months of September, October and November will be when we’ll see a high volume of auctions.”
According to Mr Hampton, CENTURY 21 - with which he works directly - has 165 auctions scheduled for next month, which is an increase from the same time last year.
“With campaigns commencing around that first week of April, that number could head up to 250 or even possibly 300 auctions for the month of April, which is very healthy,” he said.