Melbourne’s auction market is set to return to form this weekend following the distractions of last weekend’s Melbourne Cup carnival holiday break.
According to Australian Property Monitors (APM), 961 properties are scheduled to go under the hammer this weekend, nearly 200 more than the 764 auctioned over the same weekend last year.
Senior economist at APM Dr Andrew Wilson said Melbourne’s weekend auction market this spring had been characterised by strong listing numbers, with sellers keen to take advantage of increased buyer activity.
“Since Grand Final weekend 4,992 homes have been listed for auction compared to just 3,708 over the same period last year – an increase of 34.6 per cent,” he said.
“Although just 118 properties were auctioned last weekend, it nevertheless resulted in a clearance rate of 74.7 per cent, which was bang on the spring average so far. This rate is well ahead of last year’s 58.1 per cent over the same period.”
The west leads the suburban regions with 146 properties set for auction, followed by the inner east with 142, the inner city with 141 and the north east with 131.
Sydney continues to break records with high volumes of properties being auctioned off and the pre-Christmas rush now under way.
APM reports that 789 homes are listed for auction in Sydney, giving buyers more opportunity to secure a property.
“A total of 1,528 Sydney homes have been listed for auction over the first two weekends of November this year compared to just 1,029 over the same period a year ago – an increase of nearly 50 per cent,” Dr Wilson said.
“With auction clearance rates consistently tracking above 80 per cent over the past three months, November is set to break last month’s all-time monthly high of properties sold by auction in Sydney.”
Sydney’s most popular suburban region is the inner west with 135 auctions scheduled. This is followed by the upper north shore with 126, the south with 94, the city and east with 67, the west with 64 and the lower north with 53.
“A key decision-making window is now closing for Sydneysiders considering auctioning their properties before the end of year market shut down,” Dr Wilson said.
“However, record numbers have already logically decided to take advantage of the hottest auction market conditions on record.”