Melbourne is set to host the highest number of auctions every conducted this weekend with over 1,000 properties to be auctioned off.
According to Australian Property Monitors (APM), 1,365 properties will go under the hammer in Melbourne, which will present the market with its biggest test this year.
RP Data is expecting even more auctions with 1,563 auctions in Melbourne and 1,734 across Victoria.
Victoria housing market specialist Robert Larocca said this would be the most significant weekend for the auction market in Melbourne’s history.
“The very high level of listings is a sign of confidence from vendors, many of whom decided around six to eight weeks ago to list for sale,” he said.
“They would have been influenced by the improved market and reported price rises. A clearance rate for the weekend of 70 per cent or more would be considered a good outcome.”
APM reports that the most popular suburban region for auctions this weekend is Melbourne’s inner city with 253 properties.
This is followed by the inner bayside region with 248, the inner east with 213 and the north east with 173 auctions listed.
Sydney is also set for another high number of auctions this weekend with 693 properties to go under the hammer, according to APM.
Senior economist at APM Dr Andrew Wilson said: “This will be the second highest number of auctions for any weekend so far this year and presents yet another stern test for an auction market that has given first its first signs of wavering.”
Last weekend’s auction clearance rate of 79.9 per cent ended the sequence of seven consecutive weekends with clearance rates above 80 per cent and was the second time the result had fallen below 80 per cent in over three months.
“High listing numbers are testing the Sydney market with the number of properties put up for auction over October 506 more or 28.5 percent higher than listed over October last year.
APM reports that the most popular region for auctions is the inner west with 94 properties followed by the upper north shore with 92, the city and east with 64 and Canterbury Bankstown with 53 properties.