Australia’s auction market is beginning to boom after buyer activity ramped up across the country’s capitals on the weekend.
The Australian property market has well and truly awoken from its Christmas slumber with prolonged low levels of stock driving house prices through the roof.
Auction figures released by CoreLogic shows that 1,287 homes were scheduled to go under the hammer over the weekend, with 83.8 per cent reporting a positive outcome.
Sydney, Melbourne, Adelaide and Canberra all recorded preliminary clearance rates above the 80 per cent mark as buyers across the country battled it out to get their hands on the homes of their dreams.
According to Ray White data, the average number of registered bidders is at its highest in almost 2.5 years and Chief Auctioneer Alex Patarro believes that with so many house hunters currently out there, now is the time to the time to sell up shop!
“The confidence within the market is next level, giving sellers confidence of obtaining their dream price,” he says.
“The apartment market is shining brighter than some recent reports suggest with many agents reporting 50 plus attendees at open homes,” Alex explains.
“Houses and apartments that are priced in line with the market are obtaining enormous activity and some great prices.”
When figures are compared with the same time last year, the difference in activity is night and day. Last year 1,167 homes scheduled to go to auction returned a clearance rate of 67.7 per cent.
Melbourne saw the lion’s share of the weekend’s auction activity with 592 homes going to auction resulting in many happy buyers and sellers across the city.
Ray White’s Cristine Jones helped sell a five-bedroom Glen Waverley home for $2.325 million over the weekend and says that the effects of COVID are resulting in increased buyer activity.
“Space is a big factor for buyers at the moment, they are looking for more room for several reasons,” she says.
“In case they need to accommodate other family members, cater for home-schooling arrangements and working from home,” Cristine says.