Sydney is set to host the highest number of auctions since the pre-Easter Super Sunday last March, and the second highest for the year, according to senior economist for Australian Property Monitors Dr Andrew Wilson.
Five-hundred-and-fifty homes are scheduled to go under the hammer this weekend, which is over 200 more homes than the 334 homes listed on the same weekend last year.
“Sellers have rushed into the market as competition for properties amongst buyers has intensified,” Dr Wilson said.
“A total of 2,096 properties were listed for auction over August, which is the highest monthly total since November last year during the height of the spring selling season.
“The high number of listings this weekend has naturally been influenced by the federal election due next weekend, with some sellers choosing to avoid a clash.
“Nonetheless, seller activity has unequivocally increased significantly over the winter selling period.”
The inner west continues to be the most popular region for auctions, with 82 scheduled this weekend, followed by the upper north shore with 80, Sydney’s south with 63, the lower north shore with 51, and the city and east with 50.
In Melbourne, 704 auctions have been scheduled for the weekend - over 100 more than last week’s result and 200 more than the number of auctions conducted on the same weekend last year.
“Melbourne’s 3,049 August auctions are 25 per cent higher than for the same period last year, as sellers are drawn to increased competition for properties from homebuyers clearly on the rise over recent months,” Dr Wilson said.
“Last weekend’s auction clearance rate of 77 per cent was the highest for the year and consolidates an emerging trend over recent weeks of a housing market moving from the solid to strong category.”
Melbourne’s inner east and inner bayside regions will host the highest number of auctions this weekend, each with 125 properties scheduled. This is followed by the inner city area with 114 auctions, followed by the west with 99 and the north west with 97.
“Melbourne’s winter auction market continues to rise to levels not recorded since the strong market conditions three years ago, with buyer and seller activity clearly increasing over recent weeks,” said Dr Wilson.