Some of the country’s best auctioneers will put their golden tonsils to the test this weekend, with both Sydney and Melbourne set for year-high auction numbers.
In Sydney, Australian Property Monitors (APM) has estimated that 790 properties are set for auction, the highest number this year. In Melbourne, a similar record is set to be broken with 1,162 properties to go under the hammer.
And this weekend’s bumper numbers are only the beginning of what Dr Andrew Wilson, APM’s senior economist, has labelled the pre-Easter auction rush. In Sydney, the following two weekends are set to provide "unprecedented numbers" of auctions, in excess of 900 homes each.
“This weekend the inner west will again provide the most number of auctions at 128, followed by the south with 107 and the city and east with 103,” Dr Wilson said of the upcoming weekend in Sydney.
“Ashfield in the inner west is the most popular suburb for auctions this weekend, with 12 listed. This is followed by Paddington in the city and east with 10 and a number of suburbs with nine auctions scheduled, including Epping, Earlwood, Bexley and Chatswood.
“The Sydney market continues to meet every challenge over autumn and remains on record-breaking pace for the number of listings, the number of sales and naturally the value of property sold at autumn auctions.”
In Melbourne, the most popular suburbs for auctions this weekend in metro Melbourne are again Reservoir in the north east with 27, followed by St Kilda in the inner south with 25, Hawthorn and Brighton each with 20, South Yarra with 18, and Preston and Kew each with 16 auctions set for this weekend.
“The local market has stepped up a level from last year’s spring revival, with weekend auction clearance rates averaging 74.2 per cent over the past eight weeks, since the beginning of February,” he said.
“This compares to the 71.6 per cent average recorded over the final eight weekends of 2013 and is well ahead of the 66.5 per cent reported over the same period at the beginning of last year.
“But the really big news this year has been that these higher clearance rates have been recorded despite a surge in auction listings. Sellers are clearly confident in the buyer capacity of the local market and are rushing to auction before the Easter break in three weeks.
“Over the past eight weekends 5,300 homes have been offered for auction in metro Melbourne – well ahead of the 4,792 auctioned over the same period last year, which included the traditional super Saturday of auctions on March 22 when 1,152 homes were auctioned.”