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Brendan Wong
The federal election campaign has so far failed to dampen the enthusiasm of both buyers and sellers in the Sydney housing market, according to senior economist for Australian Property Monitors Dr Andrew Wilson.
Dr Wilson said Sydney was set to record another weekend of record auction clearance rates, following last weekend’s stunning high for the year of 83.8 per cent - the fifth consecutive result above 80 per cent.
“Buyers are competing fiercely for properties in Sydney, particularly in the lower and middle price brackets, and sellers are rising to strong buyer competition for properties with listing numbers also well ahead of last year," he told Real Estate Business.
Four-hundred-and-two auctions have been scheduled for this weekend, which is similar to last week’s number but considerably higher than the 278 auctioned on the same weekend last year.
Sydney’s inner west is the most popular region for auctions, with 69 properties scheduled to go under the hammer. The upper north shore comes in second place with 53 auctions, followed by the city and east with 42, and the south with 41.
In Melbourne, the inner-city area is the most popular suburban region for home auctions this weekend, with buyer activity intensifying in the market.
One-hundred-and-one properties were scheduled to be auctioned off in the inner city, followed by the western suburbs with 92 auctions. Also popular with sellers were the inner bay side region with 88 auction listings and the inner east with 84 auction listings.
“Melbourne’s weekend auction market appears to be stepping up a gear as low and falling interest rates and rising confidence activate buyers and sellers alike,” Dr Wilson said.
“Listing numbers are also consistently on the rise as sellers move to take advantage of intensifying competition amongst buyers for Melbourne properties.”
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