Ensure you never miss an issue of the
real estate business bulletin
Big post-election weekend for auctions

Big post-election weekend for auctions

by Reporter 0 comments

Brendan Wong

With the distractions of the federal election over, Sydney and Melbourne are both set for a big weekend of auctions.

Sydney is set to host the second highest number of auctions of the year, with 637 properties scheduled to go under the hammer, according to Australian Property Monitors (APM).

This figure is just shy of the 682 properties auctions on March 23, the highest number so far this year.

“High listings numbers this weekend will present Sydney’s early spring selling season with a stern test although recent buyer activity has continued at record levels,” senior economist for APM Dr Andrew Wilson said.

“Last weekend, Sydney reported its highest clearance rate of the year at 87.6 percent. Four of Sydney’s suburban regions recorded 100 percent clearance rates – the central coast, the city and east, the north west and the west.”

Sydney’s inner west is again the most popular region for auctions this weekend, with 100 properties scheduled, followed by the south with 87, the upper north shore with 71, and the city and east region with 63.

In Melbourne, 841 properties have been scheduled to go under the hammer, which brings the total number of properties auctioned to 2,648 over the past month. This is 22 per cent higher than the figure of 5,168 for the equivalent time in the previous year.

“Overall, auction numbers have been clearly on the rise as sellers becoming increasingly confident in the strength of the local housing market,” said Dr Wilson.

“High auction numbers this weekend will nonetheless present the Melbourne market with its biggest test since the autumn.

“Weekend auction clearance rates have given signs of strengthening, with recent results now pushing towards the mid-70 per cent mark.”

The most popular region in Melbourne is the inner city area, with 153 homes scheduled to be auctioned. This is followed by the west with 128, the inner bayside with 127, the inner east with 125 and the north east with 111 homes.

le>.b-autolinks{text-decoration:underline}.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }
Big post-election weekend for auctions
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?