Auctions to test buyers this weekend

A staggering 1102 auctions are scheduled for this weekend in Sydney, the highest number ever.

In what will be a true test of buyer power, the traditional pre-Easter crescendo to the autumn auction market is expected to peak this weekend according to Dr Andrew Wilson, senior economist at Australian Property Monitors (APM).

“The Sydney auction market recorded another strong result last weekend with a clearance rate of 80.6 percent.

“Although inarguably another strong result, the outcome last weekend was nonetheless the lowest clearance rate recorded since that first weekend of the season in February.”

According to Dr Wilson, early signs are emerging of a slight weakening of auction market activity.

“A moderation in auction activity is no real surprise given record numbers of auction listings being offered to the market over recent weeks - and peaking this weekend.”

However, the Melbourne market is also expecting a bumper weekend, with 1248 homes set to go under the hammer, the highest since the peak of last year’s spring market.

Melbourne produced another moderate auction clearance rate last weekend with high listing numbers continuing to facilitate a fine balance between buyers and sellers.

“Melbourne’s weekend rate of 71.8 percent was up just a touch from the previous weekend’s 71.5 percent with a clear weakening of the trend in auction activity over recent weeks,” Dr Wilson said.

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