Sydney and Melbourne are set to host another weekend of strong auctions, with a record number of stock on the market and no sign of it running out of steam.
Australian Property Monitors (APM) reports that Sydney has 851 properties scheduled for auction, which is just below last weekend’s record-breaking offering of 891 auctions.
Senior economist at APM Dr Andrew Wilson said: “Clearance rates continue to stand up despite unprecedented auction numbers. Last weekend, Sydney recorded yet another rate above 80 per cent, which at 80.4 per cent made it 19-plus 80 per cent results recorded over the past 21 weekends."
Sydney’s upper north shore is the most popular suburban region for auctions with 151 scheduled for auction, followed by the south with 111, the inner west with 110, the lower north shore with 73 and the city and east with 72.
The city will host another super Saturday of auctions next week with 950 properties scheduled to go under the hammer.
In Melbourne, 1,314 properties are set to sell through auction according to APM, which is just short of last weekend’s 1,341 auctions.
Dr Wilson said last minute buyers would continue to be spoilt for choice, with high listing numbers scheduled for next weekend’s auction.
“The strength of the end of year market will be tested by these high listing numbers, but clearance rates have held reasonably firm over recent weeks although tracking slightly down on a month ago,” he said.
The most popular region for auctions this weekend in Melbourne is the inner city with 231 properties, followed by the inner bayside with 206, the inner east with 192, the west with 181, the north east with 162 and the outer east with 144.