Following two weekends with little movement due to the Easter and Anzac Day holidays, Australia’s auction scene bounced back over the weekend with clearance rates on the rise.
According to Australian Property Monitors (APM), Sydney enjoyed a 77.4 per cent clearance rate, with home values up by 0.4 per cent for the week, just ahead of the national capital average of 0.2 per cent.
The Sydney market had robust auction numbers following the previous two-week hiatus, with 631 properties going under the hammer, which was significantly more than the 279 auctioned last weekend and the 408 auctioned over the same weekend last year.
Melbourne recorded its highest clearance rate (73.4 per cent) for two months over the weekend, with 761 listed for auction, which was well ahead of last weekend’s 281 and up on the same weekend a year ago when 690 homes were auctioned.
"The Sydney auction market will continue to be tested over the forthcoming weekends, with vendors still keen to attract buyers in what remains a solid seller's market with plenty of competition for property. May is shaping up to be a bumper month for auctions, with activity at record levels for this time of the year before the usual winter chill steps in to typically deactivate the market,” Dr Andrew Wilson told Real Estate Business.
Mr Wilson added that the resilience of the Melbourne market will continue to be tested over the remainder of May with vendors still keen to attract buyers in what remains a solid sellers market.
Adelaide had a 75 per cent clearance rate over the weekend from 67 listed auctions, while Brisbane only managed 34.8 per cent from 61 reported auctions.