Following a record-breaking auction clearance rate last weekend, the Melbourne market is set to keep rising, according to senior economist for Australian Property Monitors (APM) Dr Andrew Wilson.
“The market has moved up a gear from the solid results recorded over most of the year to a strong market, with competition from buyers for properties intensifying,” he said.
This weekend, 592 properties have been scheduled to be auctioned off, compared to 521 home auctions listed over the same weekend last year.
“Last weekend’s Melbourne auction clearance rate of 75 per cent was the highest recorded so far this year, with rates now averaging 70 per cent over the past month,” Dr Wilson said.
“Seller confidence and activity is unsurprisingly also on the rise in Melbourne, with the 2,253 properties listed for auction so far in August 22 per cent higher than 1,847 listed over the first four weeks of August last year.”
Dr Wilson said the most popular suburban region for auction in Melbourne this weekend was the inner city area with 100 auctions scheduled, followed closely by the west with 99, the inner bay side with 93, the inner east with 89 and the north east with 80 auctions scheduled.
Similarly, Sydney is also scheduled for strong auction activity, with 412 properties scheduled to go under the hammer, compared to just 297 over the same weekend last year.
Sydney’s auction market has continued tracking at record levels after recording its sixth consecutive auction clearance rate above 80 per cent last weekend.
“So far this month, 1,576 properties have been offered for auction in the Sydney weekend market, which is nearly 40 per cent higher than the 1,131 offered over the same four weeks last year,” Dr Wilson said.
“Sydney’s inner west is the most popular region this weekend for auctions, with 69 properties scheduled for auction - the same number as offered last weekend.
“The next most popular region is Sydney’s south, with 59 auctions, followed by the upper north shore with 57 auctions, with the city, east and the lower north shore each with 38.”