Sydney and Melbourne both faced a barrage of properties for auction over the weekend as vendors rushed to sell before the Christmas holidays.
RP Data reported a preliminary auction clearance rate of 73.4 per cent across 1,389 auctions, virtually the same as last week’s result of 73.8 per cent with 1,139 auctions held.
According to Australian Property Monitors (APM), Sydney reported a clearance rate of 76.1 per cent despite hosting its all-time record number of Saturday listings.
Senior economist at APM Dr Andrew Wilson said: “Although this was the lowest weekend clearance rate recorded by Sydney since June, this was no real surprise given the tidal wave of properties offered for auction over recent weeks providing more choice for buyers.”
APM reported 995 properties listed for auction on Saturday in Sydney, which smashed the previous record set two weeks ago by over 100 homes.
“Sellers have rushed into the market to take advantage of the strongest spring auction market Sydney has experienced in its history. Record clearance rates from record listings have translated into record sales volumes with strong prices growth also being recorded,” he said.
Melbourne’s auction market bounced back over the weekend with APM reporting a clearance rate of 72 per cent, which was up from last weekend’s 67 per cent but still below the spring average of 73.4 per cent.
In Melbourne, RP Data recorded a preliminary auction clearance rate of 66.6 per cent across 1,587 auctions, up from 63.3 per cent last week when there were 1,535 auctions.
RP Data Victoria housing market specialist Robert Larocca said this was a solid outcome after the busiest six weeks in Melbourne’s auction market history.
“Over this time, there has been an average of 1,380 auctions a week, a record for any single week in any other year, which underscores how remarkable this spring and summer selling season has been,” he said.
“Buyers who are still in the market will find good buying opportunities over next month as vendors of homes passed in look to sell.”
RP Data reported there were 3,507 auctions across the capital city markets, with a preliminary auction clearance rate of 67.2 per cent.
According to APM, the most expensive and most affordable properties were in Sydney with a value of $5.03 million and $141,000 respectively.
Sydney-based auctioneering service Cooley Auctions reported its biggest single day of auctions with a 71 per cent clearance rate.
"[It] caps off a record year for our team conducting in excess of 4400 auctions which represents a 34 per cent growth year on year," said director Damien Cooley.
"The most positive thing to take out of the final quarter of 2013 is that demand has outstripped supply. This means that all property hitting the market in the first quarter of 2014 will be new stock and we see no reason why the strong clearance rate and buyer confidence won't continue."