Sydney’s record-breaking auction boom shows no sign of slowing down, with Australian Property Monitors (APM) predicting the city will host its highest number of auctions in years.
According to APM, 747 properties are scheduled to go under the hammer, which is the largest volume for a weekend in over three years.
Senior economist for APM Dr Andrew Wilson said “Sellers are unsurprisingly drawn to the strongest auction market in Sydney’s history, with buyers seemingly queuing up in droves to secure property.
“Last weekend, Sydney recorded yet another stunning clearance rate of 83.2 per cent, despite high listing numbers. Sydney has now recorded an unprecedented 14 weekends of clearance rates above 80 per cent over the past 16 weekends, with the other two weekends just a tick under at 79 per cent.”
The city’s upper north shore is the most popular suburban region for auctions, with 131 properties set to go under the hammer. This is followed by the inner west with 107, the south with 86, the city and east with 82 and the lower north shore and the west, each with 48 auctions listed.
Following a super Saturday of auctions last week, Melbourne is set to take a breather thanks to the long weekend that coincides with the Melbourne Cup.
APM reports that only 121 properties are scheduled to go under the hammer on Saturday, which is significantly lower than last week’s volume of 1,362 properties.
RP Data is expecting slightly higher volumes, with 162 auctions in Melbourne and 243 across Victoria.
“Despite high listing numbers [last weekend], the Melbourne market produced a solid result with a clearance rate of 76.9 per cent,” Dr Wilson said.
“This was the best result recorded by the Melbourne market over the spring so far, except for the typically quiet Grand Final day weekend.
“Last weekend’s result was a timely indicator of the underlying strength of the market that had been appearing to waver over the previous month.”
RP Data Victoria housing market specialist Robert Larocca agreed, saying the strong results of the previous weekend would not negatively affect the results between now and Christmas.
“There are seven weekends for auctions this year after this weekend, and we expect volumes to remain high,” he said.
According to APM, Melbourne’s inner city will host the most auctions with 23, followed by the west and the outer east each with 17, and the north with 16.