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Brendan Wong
Sydney and Melbourne are again set to hold a large number of auctions this weekend.
Australian Property Monitors (APM) reports that in Sydney, 635 homes are scheduled to go under the hammer, which is 200 more than the 426 auctioned on the same weekend last year.
“The boom in auction sales shows no signs of letting up despite higher listing numbers," said senior economist at APM, Dr Andrew Wilson.
“Last weekend’s auction clearance rate of 85.9 percent brings the average over the past month to an extraordinary 83.8 percent.”
Sydney’s inner west is once again the most popular region for auctions with 101 properties scheduled to go under the hammer. This is followed by the upper north shore with 87, the south with 78 and the city and east with 65 properties.
“Sydney’s record breaking spring auction market is set to continue this weekend with buyer and sellers enthusiasm clearly on the rise,” Dr Wilson said.
In Melbourne, 926 properties are scheduled for auction, according to APM. This is higher than the 874 properties auctioned last week and 300 more than the 656 listed over the same weekend a year ago.
“A consistently solid auction market performance is incentivising sellers at the moment with last weekend Melbourne recording an auction clearance rate of 76.1 percent,” Dr Wilson said.
“This brings the average over the past month to 75.5 percent and although still around 10 percent below the rates recorded during 2009 and 2010 is nonetheless providing significant encouragement to the market.”
Melbourne’s west is this weekend’s most popular suburban region for auctions with 158 scheduled. This is followed by the inner bayside region with 150, the inner east with 147 and the inner city with 137 auctions listed.
“Melbourne’s solid to strong spring auction market performance is set to continue this weekend with confidence clearly restored amongst both buyer and sellers,” Dr Wilson said.
“Stern tests await the market however with next weekend’s pre-Melbourne Cup holiday weekend Super Saturday market set to offer near record levels of properties for sale by auction.”
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