Auction market records are on the verge of being broken, with the usually quieter winter selling season nowhere in sight.
According to Australian Property Monitors (APM) senior economist Dr Andrew Wilson, the Sydney home auction market remains on track to break the all-time June record for listings and sales, following another robust result at the weekend.
“The Sydney market returned an auction clearance rate of 75.1 per cent, down slightly from last weekend’s result of 75.6 per cent,” Dr Wilson said.
“High listing numbers continue to be a characteristic of Sydney’s auction markets, with 578 properties going under the hammer at the weekend, which was 37.3 per cent higher than the 424 auctioned over the same weekend last year,” he added.
Dr Wilson said record levels are likely to continue for the remainder of the quieter winter months as low interest rates, rising population and a “thriving” local economy continue to fuel the market.
According to APM, Melbourne’s weekend home auction market faded a touch, recording a clearance rate of 72.1 per cent compared to 72.7 per cent last weekend.
Dr Wilson said winter sales levels, however, remain healthy with high listing numbers continuing to characterise the Melbourne auction market.
“A total of 778 properties went under the hammer at the weekend compared to the 714 auctioned over the same weekend last year,” he said.
“With nearly 700 auctions scheduled next weekend in the metro area, Melbourne is set to break the record for the most number of auctions ever recorded for the month of June.
“Despite a recent modest waning in auction market activity, the prospects remain for a resilient Melbourne housing market performance over the usually quieter winter selling season,” he added.
APM data also reported Adelaide having a clearance rate of 60 per cent, a substantial increase from 45.9 per cent last week and 45.7 per cent the same weekend in 2013.
Brisbane clearance rate, however, dropped to 29 per cent after 37 per cent last weekend and 41.5 per cent on the same weekend last year.