After a number of subdued weeks, this weekend's auction market is set to go off with a bang.
The pace of Sydney’s weekend auction market is expected to pick up, according to Dr Andrew Wilson from Australian Property Monitors (APM), with higher numbers of properties listed to go under the hammer following last weekend’s season opener.
“Although auction numbers were unsurprisingly low last weekend, activity was nonetheless significantly higher than for the same weekend last year,” Dr Wilson claimed.
“This trend will continue at the weekend with 288 auctions scheduled, which is over 100 more, or 67.4 per cent higher, than the 172 listed over the same weekend a year ago.”
Despite the low auction numbers last weekend, Sydney recorded the first 80 per cent-plus clearance rate of the year at 80.3 per cent.
“Eighty per cent-plus clearance rates became the norm over the spring selling season last year and clearly signalled a housing market climbing to boom-time levels,” said Dr Wilson.
Over the 13 weeks between September and November 2013, Sydney recorded 12 Saturday clearance rates at or above 80 per cent, at an average of 82.7 per cent – with the only exception sitting at 79.9 per cent.
But Sydney isn’t the only capital with a bumper weekend planned.
“Auction activity is on the rise in Melbourne this weekend, following last weekend’s typically subdued start to the season,” said Dr Wilson.
Although auction numbers were small, last weekend recorded an auction clearance rate of 73.6 per cent, on par with average weekend rates recorded over the September to December period last year.
“This weekend, 257 properties are listed to go under the hammer in Melbourne, which will provide a more robust insight into the underlying state of the market. In line with the trend that emerged through spring last year, this weekend’s offerings will be considerably higher than the 219 auctions listed on the same weekend a year ago,” he said.
According to Dr Wilson, Melbourne’s west will host the highest number of auctions this weekend, with 59 scheduled.
The outer east is next with 43 auctions, followed by the south east with 38 and the inner bayside with 33.