Sellers continue to rush into the market, with both Sydney and Melbourne scheduled to host extraordinary numbers of auctions in the last two weeks of the year.
According to Australian Property Monitors (APM), Sydney will host a record-breaking 995 auctions, which breaks the record of 891 auctions set two weekends ago. This is 82 per cent higher than the 547 properties auctioned over the same weekend last year.
Senior economist at APM Dr Andrew Wilson said, “This incredible late-year offering of properties indicates just how enthusiastic sellers are to take advantage of Sydney’s strongest ever spring/summer auction market.
“Sydney’s pre-Christmas rush to the market by sellers is set to continue right to the end of the year, with this weekend’s record offering set to be followed next weekend with an extraordinary 250 properties scheduled to go under the hammer just four days before Christmas Day.”
In Melbourne, sellers are rushing to take advantage of the best market conditions in over three years.
APM reports that 1,339 properties are scheduled to go under the hammer this weekend, the third consecutive weekend where listings have been over 1,300.
“To put these extraordinary numbers in context, the Melbourne metro market broke its record for weekend auctions just seven weeks ago over the pre-Melbourne Cup weekend, with 1,365 properties,” Dr Wilson said.
“The last three weekends have therefore continued to host near-record level offerings in the Melbourne auction market.
“This weekend’s auctions count 469 more, or 54 per cent higher, than the 870 listed over the same weekend a year ago.”
Given the recent surge, Melbourne’s weekend clearance rate has started to fade. Last weekend’s result of 67 per cent was the lowest result recorded in five months and significantly lower than the spring average of 74 per cent, and just ahead of the 65.3 per cent recorded over the same weekend last year.
“Indications are increasing that the Melbourne spring auction market has peaked, with a downward trend in activity emerging since the Melbourne Cup holiday weekend,” said Dr Wilson.
“Although the Melbourne weekend auction market is starting to exhibit real signs of spring weariness, there will be no usual end of year let-up in listings pressure.
“Following this weekend’s near-record offering, next weekend the Melbourne metro auction market is set to host an extraordinary 350 auctions – just four days before Christmas Day.”