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Sydney and Melbourne’s auction markets are set to finish on a high, with a surge in properties set to go under the hammer.
According to Australian Property Monitors (APM), 309 properties are scheduled for auction this weekend in Sydney. This is four times the number conducted on the same weekend last year.
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Sydney broke its all-time record for auctions last weekend, when 995 homes were listed for auction, and despite the unprecedented numbers, the city saw a clearance rate of 76.1 per cent.
Senior economist for APM Dr Andrew Wilson said: “Although this was the lowest weekend clearance rate recorded since June, this was no real surprise given the tidal wave of properties offered for auction over recent weeks, providing more choice for buyers.
“The solid result also reflects increased motivation of sellers to secure a sale before year’s end – particularly those that have purchased homes earlier in the season.”
APM reports that 395 properties are scheduled for auction in Melbourne this week, three times the 127 auctions conducted on the same weekend last year.
“Sellers have been rushing into the market to take advantage of what until recently at least have been the strongest conditions since 2010,” said Dr Wilson.
“Melbourne’s weekend auction rate bounced back last weekend despite another mountain of listings presented to the market.”
“Sellers, particularly those who have purchased earlier in the spring, were clearly motivated to find a buyer before the end-of-year market shut-down. The clearance rate of 72 percent was higher than the weekend before's 67 per cent, but still below the spring average of 73.4 per cent.”
Dr Wilson said this year’s record-breaking performances in Sydney and Melbourne were unlikely to be repeated next year due to signs of a deteriorating national and local economy.
