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Steven Cross
A combination of factors has led to this weekend being touted as one of the biggest auction weekends of the year.
According to Will Hampson from My Auctioneer, the Easter long weekend has buyers looking to purchase properties under the hammer.
"Prior to the Easter weekend, we're going to have a big weekend for auctions," he told Real Estate Business. "Both vendors and agents are looking to capitalise on what has been a very healthy clearance rate of late."
Last week, Sydney's clearance rate was 75 per cent, according to Australian Property Monitors.
But it's not just good news for Sydney, with a near record breaking weekend in Melbourne expected.
Enzo Raimondo, CEO of the Real Estate Institute of Victoria (REIV), expects there will be 1,210 auctions this weekend.
“This is likely to be the fifth biggest weekend on record,” Mr Raimondo said.
“The Melbourne residential market has turned the corner after two slow years, with more active buyers and sellers.
“Auction sales volumes are also higher than in 2011 and 2012. Compared to last year there has been 15 per cent more homes sold.
“REIV research suggests that the market is in a mild recovery, which should provide buyers with confidence that they won’t be priced out of the suburb they have budgeted this autumn," Mr Raimondo concluded.
Mr Hampson, who late last year forged an arrangement with CENTURY 21 to help oversee and build the group's auction culture, agrees that the auction bug won't just be infecting Sydney.
"It’s Australia wide. Victoria had a Labour Day weekend which was reflected in the auction numbers, but they’re climbing back to record highs over the next two weeks," he said.
"Certainly in Sydney we’ve got great volume - with CENTURY 21 we have 28 auctions on Saturday and a number of other in-room auctions happening in the following week.
"I think it’s a combination of a few things in the marketplace, like low interest rates, strong buyer demand with a shortage of properties in the market and good clearance rates. It all boils together for a bumper weekend."
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