Australia’s auction market booms once again

Over 2,000 homes went under the hammer across the country over the weekend as Aussies battled it out for their dream homes in their droves.

Data released by CoreLogic has revealed the number of auctions that took place over the weekend with Melbourne host to a whopping 1,061, whilst in Sydney 769 homes were scheduled for auction.

And it isn’t just the sheer volume of homes that were being competed for that is impressive, with four of the country’s capitals also returning preliminary clearance rates way above the 80 per cent mark.

Credit: CoreLogic

An average clearance rate of 84.4 per cent has so far been calculated across Australia’s major capitals which is over 10 per cent higher than this time last year as low stock levels has got buyers doing all they can to secure their next property move.

Ray White NSW Chief Auctioneer Alex Pattaro says that the usual Easter scramble for homes has been brought forward this year.

“It’s absolutely incredible,” he says. “My diary is booked solid for auctions right up until the end of March as vendors look to take advantage of the favourable seller’s market,” Alex tells.

I understand that some people are hesitant to come to the market because they’re concerned about going on to buy – but I can ease those fears because there is more property about to come online as we head into what is going to a swashbuckling Easter period for auctions.

Alex Pattaro – Ray White NSW Chief Auctioneer
8 Stawell Street in Melbourne sold for $1.285 million

Over in Victoria, Melbourne welcomed back auctions following its short sharp lockdown, much to the delight of the owner of 8 Stanwell Street in Coburg who sold their three-bedroom home for $1.285 million – way over its $1-1.1 million price guide.

“We’re delighted with the outcome and it sold for far beyond what we could have expected,” vendor Sarah Donato-Richetti says.

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