Sydney and Melbourne are set to experience a relatively quiet weekend due to the federal election, according to senior economist with Australian Property Monitors (APM) Dr Andrew Wilson.
In Sydney, only 212 properties are scheduled to go under the hammer compared to last weekend’s record high of 548.
Melbourne has 422 properties scheduled for auction, down from last week’s 702 auctions and the 502 homes auctioned on the same weekend last year.
“Many sellers have decided to schedule their home auctions either the week before or the week after the election to avoid any conflict of attention from buyers,” Dr Wilson said.
He explained that the federal election campaign had no perceptible adverse impact on the Sydney housing market as there was a strong and rising trend for both auction listings and auction sales evident over the past month.
“Sydney’s spring auction market begins this weekend with the springboard of one of the strongest winter markets ever recorded in this city,” he said.
“Buyer and seller momentum is clearly rising, with the clear prospect of another outstanding selling season over this spring.”
Dr Wilson said despite election distractions, Melbourne had enjoyed its best winter selling season since 2010.
“Weekend clearance rates have been rising over the past month with market conditions strengthening,” he said. “Higher clearance rates have been achieved despite a rise in listing numbers compared to last year at the same time.”
He added that this weekend would provide the Melbourne market with a reasonable test of buyer interest.
Sydney’s south was the most popular region for auctions this weekend, with 43 scheduled, followed by the inner west with 32, and the lower north shore with 29 properties.
Melbourne’s most popular region was the inner east and the north east with 75 listings each. This was followed by the inner bayside with 62 auctions, the west with 61 and the inner city with 58 homes scheduled to go under the hammer.