Auction frenzy set to continue

Auction frenzy set to continue

11 October 2013 by Brendan Wong 0 comments

With the various distractions of the previous weeks now in the past, the property market is back on track for another busy weekend of auctions.

Melbourne is set is to host the biggest number of auctions this spring with 871 properties to go under the hammer, which is ahead of the 606 properties auctioned over the same weekend last year.

Melbourne’s inner city leads the regions with 155 auctions scheduled followed by the inner east with 133, the west with 132 and the inner bayside with 126.

Senior economist at Australian Property Monitors Dr Andrew Wilson said: “Although the Melbourne market will be again fully tested by high listing numbers this weekend, it has shown no sign of waning from the solid results it has produced so far this year.

“Last weekend Melbourne recorded an auction clearance rate of 75 percent from over 700 listings which was bang on the average result over the past month.”

In Sydney, 713 properties are scheduled to go under the hammer, which is a 73 per cent increase from the 412 properties auctioned over the same weekend last year.

“The Sydney weekend auction market is back in business this weekend following last weekend’s pause for the Labour Day long weekend holiday.

“Although auction numbers were down last weekend compared to previous weekends the distraction of the stunning Fleet Review proved no barrier to a solid number of buyers and sellers.”

Once again, Sydney’s inner west is the most popular region with 123 scheduled auctions, followed by the upper north shore with 91, the city and east with 83 and the south with 75.

Dr Wilson said sellers were increasingly keen to take advantage of Sydney’s strongest-ever auction market conditions and this trend could be expected to continue through to the end of the year.

Similarly, he said Melbourne could expect more weekends with high listings over the next two months.

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