Auctions to test buyers this weekend

Auctions to test buyers this weekend

11 April 2014 by Steven Cross 0 comments

A staggering 1102 auctions are scheduled for this weekend in Sydney, the highest number ever.

In what will be a true test of buyer power, the traditional pre-Easter crescendo to the autumn auction market is expected to peak this weekend according to Dr Andrew Wilson, senior economist at Australian Property Monitors (APM).

“The Sydney auction market recorded another strong result last weekend with a clearance rate of 80.6 percent.

“Although inarguably another strong result, the outcome last weekend was nonetheless the lowest clearance rate recorded since that first weekend of the season in February.”

According to Dr Wilson, early signs are emerging of a slight weakening of auction market activity.

“A moderation in auction activity is no real surprise given record numbers of auction listings being offered to the market over recent weeks - and peaking this weekend.”

However, the Melbourne market is also expecting a bumper weekend, with 1248 homes set to go under the hammer, the highest since the peak of last year’s spring market.

Melbourne produced another moderate auction clearance rate last weekend with high listing numbers continuing to facilitate a fine balance between buyers and sellers.

“Melbourne’s weekend rate of 71.8 percent was up just a touch from the previous weekend’s 71.5 percent with a clear weakening of the trend in auction activity over recent weeks,” Dr Wilson said.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
REVEALED: The 10 best agents in Australia for 2017

For the first time ever, the top 10 agents in the REB Top 100 Agents ranking are revealed in this exclusive podcast. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
Do you have an industry update?