Sydney’s auction market is so robust that last year’s Easter ‘super Saturday auction bonanza’ is looking like an average weekend in 2014.
According to Australian Property Monitors chief economist Dr Andrew Wilson, 678 homes are scheduled to go under the hammer this weekend - nearly as many as the 682 that were auctioned over the Easter weekend last year.
“Sydney’s market continues with its seemingly endless record-breaking autumn performance. Last weekend produced the now expected 80 per cent-plus clearance rate as buyers continue to pounce on property," he said.
“The weekend clearance rate of 81.8 per cent was an astonishing seven in a row at 80 per cent or above for the Sydney market, and was again generated from high listings numbers.
“The unprecedented buyer and seller activity for this time of the year just keeps continuing.”
However, it’s likely to be an even bigger weekend in Melbourne with 962 properties going under the hammer.
“Melbourne’s housing market continues with its resilient autumn performance with clear indications that historically low interest rates are continuing to fuel buyer and seller activity and confidence,” Dr Wilson said.
“If anything, recent activity levels have indicated a market that is now rising above the solid results recorded over the late-spring selling season last year. And it is prestige property and the outer east mid-price range suburbs that continue as the star performers of the market.”
However, Dr Wilson identified the struggling Melbourne employment market as an indicator to watch.