High numbers of listings continue to dominate the auction market, despite winter months and school holidays coming into play.
Property Auction Services director and chief auctioneer Rocky Bartolotto said auctions in June had been “very strong” with record numbers across many states being reflected.
“Our volume compared to June 2013 was 55 per cent higher… a sign the auction method is increasingly becoming more popular, as well as buyer demand outweighing supply,” he said.
Over the weekend, Sydney recorded an auction clearance rate of 74.1 per cent, which was an increase from last week’s result of 70.8 per cent but down from 75.5 per cent from the same week last year, according to Australian Property Monitors (APM).
Domain Group senior economist Dr Andrew Wilson said Sydney’s home auction market continues to fade, with this weekend’s auction clearance the lowest non-holiday weekend result for over a year.
“Auction clearance rates have fallen each weekend since the Queen’s Birthday holiday break three weeks ago, with a downward trend now emerging,” he said.
Dr Wilson said, however, that the overall volume of sales and listings remains at record levels for this time of year.
“A total of 2,650 auction listings have been recorded over June at an average of 662 per week. This compares to the previous listing high of 2,554 for the month recorded over June 2010 at an average of 511 over each of the five weeks of that month,” he said.
According to APM, Melbourne recorded a 74.6 per cent auction clearance rate, up from last week’s result of 69.3 per cent and the same week last year, which recorded a 69.9 per cent clearance rate.
Dr Wilson said Melbourne’s weekend auction market bounced back at the weekend, recording its best result for seven weeks and the second best result since Saturday March 1.
“Solid clearance rates have been recorded in Melbourne over June, despite high listings numbers for the early winter market,” he said.
“Activity in Melbourne’s home auction market continues to hold up, with healthy clearance rates encouraging for sellers,” he added.
Brisbane recorded a 37 per cent auction clearance rate over the weekend, an increase from 27.9 per cent last week but below the same week last year, which recorded a 50 per cent clearance rate, according to APM.