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Record auction clearance rates to continue

Record auction clearance rates to continue

by Reporter 0 comments

Brendan Wong

Melbourne and Sydney are set for another weekend of positive auction numbers following last weekend’s strong results which saw clearance rates exceed 80 per cent for the ninth weekend out of 10.

According to senior economist at Australian Property Monitors (APM) Dr Andrew Wilson, 565 properties will be auctioned off.

Despite being lower than last weekend’s 637 properties, this is higher than the 504 properties auctioned off on the same Saturday last year.

“Solid listings numbers again this weekend will present Sydney’s early spring selling season with yet another stiff test,” Dr Wilson said.

“Buyer demand, however, shows no sign of abating so expect increasing number of sellers to take advantage of the strongest auction market in 10 years.”

Sydney’s upper north shore is the most popular region for auctions this weekend, with 89 scheduled, followed by the inner west with 82, the south with 72 and the city and east region with 71 properties.

Melbourne also has a big weekend of auctions ahead as sellers avoid a clash with next Saturday’s AFL grand final.

Last week, the city hosted the highest number of auctions since Easter, with numbers inflated by the distraction of the election the previous week.

“Last Saturday’s 841 auctions will be bettered this weekend with 865 homes set to go under the hammer and it’s a good bet that the solid results recorded last weekend – a 73 percent clearance rate – will be repeated this weekend,” Dr Wilson said.

The inner city again leads the auction numbers, with 177 homes scheduled to go under the hammer. This is followed by the inner bayside with 149, the inner east with 136 and the west with 130.

“The Melbourne weekend auction market continues to clear significant numbers of properties despite high listing numbers, with no indication yet of meeting underlying buyer demand,” said Dr Wilson.

“With strong competition for properties continuing in Melbourne expect sellers to increasingly take advantage over the coming months of the strongest market conditions experienced for four years.

“The weekend auction market has stepped up a gear over the past month but it will be presented with yet another solid test this weekend.”

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Record auction clearance rates to continue
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