The next three weekends are expected to be some of the busiest for auctioneers in the lead-up to the Easter long weekend.
Speaking with Real Estate Business, senior economist at Australian Property Monitors (APM) Dr Andrew Wilson said Sydney recorded a residential clearance rate of 81.5 per cent, making it the eighth weekend in a row above 80 per cent.
“The current frenzied buyer and seller activity is set to continue for the next three weekends in a mad rush to engage the market before this year’s Easter shutdown,” Dr Wilson said.
The number of properties auctioned this weekend in Sydney was 682, identical to the number put to the hammer at the same time last year.
“This is remarkable as that weekend in 2013 was the traditional pre-Easter Super Saturday of auctions, which indicates just how far the market has risen over the past year – both for buyer and seller activity,” he said.
Melbourne saw solid auction numbers over the weekend as well, with just under a thousand properties put to auction for a clearance rate of 73.1 per cent.
“This is higher than the 66.1 per cent recorded over the same weekend a year ago although listings were lower than last year – 982 versus 1,182.
“The usual suspects recorded the highest clearance rates at the weekend with the ever-strong outer east again leading the pack with a rate of 81.7 per cent.
“Next best, unsurprisingly, were the inner south with 80.9 per cent followed by the inner east at 80.3 per cent,” Dr Wilson said.