The Australian auction market has retained its recently renewed energy over the weekend, recording strong clearance rates in major capital cities.
According to Domain Group senior economist Dr Andrew Wilson, Sydney’s mid-winter auction market recorded yet another strong result above 77 per cent.
“The 77.1 per cent clearance rate recorded was the third consecutive 77 per cent-plus result following a five-week period of waning rates,” he said.
“A moderation of unrealistic price expectations from vendors may be a contributing factor to rising clearance rates over recent weekends.”
A total of 506 homes were scheduled for auction at the weekend in Sydney, which was well up on last weekend’s 404, and 174 more, or 52 per cent higher, than the 335 homes auctioned over the same weekend last year.
The Melbourne home auction market recorded yet another strong result at the weekend, with a 73 per cent clearance rate.
“Weekend clearance rates continue to track above the results recorded over the same period last year, with this weekend’s rate higher than the 70.2 per cent recorded over the corresponding weekend a year ago,” Dr Wilson said.
“This weekend 625 homes were auctioned compared to 549 last weekend and the 531 auctioned over the same weekend last year.
“Auction numbers will continue to gradually rise over coming weekends from its July lows, as the market turns from its mid-winter trough and heads towards the spring selling season,” he added.