Australian auction market ends summer with a bang
As another Aussie summer came to a close over the weekend, the country’s auction market put on a show with a huge number of homes going under the hammer across the capital cities.
Almost 2,500 properties went to auction across the country on the weekend as momentum continues to build in the lead up to the busy Easter period.
Ray White NSW Chief Auctioneer Alex Pattaro says that buyers are doing everything they can to secure their dream properties, with family homes particularly sought-after in the current market.
“We are seeing an extremely high number of bidders, who are coming out fast and strong from the get go,” he says.
“Bidding strategies are aggressive, although sometimes not successful because of the sheer demand from other bidders.
“Family homes continue to outperform the market, with the top end of town also performing better week after week,” Alex explains.
Auction data from CoreLogic shows that 2,451 homes were scheduled for auction across Australia, with a preliminary clearance rate of 81.9 per cent so far recorded.
Melbourne was host to most of the action with 1,273 auctions held, including the $1,270,500 sale of 6 Alek Court in the city’s east.
Ray White Victoria and Tasmania Chief Auctioneer Matt Condon says the increasing levels of auction activity are continuing to be met with strong demand.
“Buyers arrived with a clear strategy in mind today, and were aggressively bidding and doing everything they could to secure their desired property,” he says.
“Competition still remained strong, even once the properties were announced on the market and selling,” Matt explains.
Sydney saw 844 auctions held over the weekend and the purchaser of 158 Young Street who bought the Annadale home for $2,305,000 is just one of the city’s happy buyers ready to settle into their new home.
“I have missed out on a few properties, however now I really think it was meant to be,” Kate says.
