The capital cities enjoyed a solid if unspectacular set of auction results over the weekend with buyer activity seemingly settling below the benchmark standard set since spring last year.
Auction figures released by Australian Property Monitors (APM) found that 77.8 per cent of the properties listed for auction in Sydney cleared over the weekend, while Melbourne managed a clearance rate of 72.9 per cent.
Sydney’s weekend clearance rates have fallen below 80 per cent over the past five weekends, according to APM.
"The influence of record listing numbers over the April 12 ‘Super Saturday' and the following weekend holiday breaks over Easter and ANZAC Day may have influenced the lower results,” said APM senior economist Dr Andrew Wilson, before adding there was no excuse over the last two weekends with solid listing numbers presented to a "fully re-focused auction marketplace".
APM reported that 465 properties were listed for auction at the weekend in Sydney, well down on the previous weekends 631 but well ahead of the 357 auctioned over the same weekend last year.
The Melbourne auction market appears to be consolidating with another solid result, reporting a clearance rate of 72.9 per cent at the weekend. This followed the previous weekends 73.4 per cent clearance rate and reflects a market that remains encouraging for sellers.
The APM figures show 603 properties went under the hammer in the Melbourne metro area at the weekend, which was down on the 756 the previous weekend and also down on the 685 auctioned over the same weekend last year.
Dr Wilson has predicted that auction numbers in Melbourne are set to surge over the remainder of May leading up to the Queen’s Birthday weekend, with up to 3,000 properties set to go to auction over the next three weekends.
Brisbane had a 46.4 per cent clearance rate over the weekend from 62 listed auctions, while Adelaide fared a little better with a 61 per cent clearance rate from 34 auctions.