With the distractions of the federal election over, Sydney and Melbourne are both set for a big weekend of auctions.
Sydney is set to host the second highest number of auctions of the year, with 637 properties scheduled to go under the hammer, according to Australian Property Monitors (APM).
This figure is just shy of the 682 properties auctions on March 23, the highest number so far this year.
“High listings numbers this weekend will present Sydney’s early spring selling season with a stern test although recent buyer activity has continued at record levels,” senior economist for APM Dr Andrew Wilson said.
“Last weekend, Sydney reported its highest clearance rate of the year at 87.6 percent. Four of Sydney’s suburban regions recorded 100 percent clearance rates – the central coast, the city and east, the north west and the west.”
Sydney’s inner west is again the most popular region for auctions this weekend, with 100 properties scheduled, followed by the south with 87, the upper north shore with 71, and the city and east region with 63.
In Melbourne, 841 properties have been scheduled to go under the hammer, which brings the total number of properties auctioned to 2,648 over the past month. This is 22 per cent higher than the figure of 5,168 for the equivalent time in the previous year.
“Overall, auction numbers have been clearly on the rise as sellers becoming increasingly confident in the strength of the local housing market,” said Dr Wilson.
“High auction numbers this weekend will nonetheless present the Melbourne market with its biggest test since the autumn.
“Weekend auction clearance rates have given signs of strengthening, with recent results now pushing towards the mid-70 per cent mark.”
The most popular region in Melbourne is the inner city area, with 153 homes scheduled to be auctioned. This is followed by the west with 128, the inner bayside with 127, the inner east with 125 and the north east with 111 homes.