Nationwide auction market continues to fly

On the back of another bumper weekend, Australia’s auction market is continuing its impressive form with buyers and sellers battling it out for properties across the country.

A total of 1,529 homes were scheduled to go under the hammer over the weekend, some 200 more than the week prior, showing just how many people are transacting at the moment.

A staggering preliminary clearance rate of 86.1 per cent has so far been recorded from the weekends, though that figure is expected to drop slightly as another Melbourne lockdown saw some auctions withdrawn.

Credit: CoreLogic

Of the 1,529 homes scheduled for auction, 624 were in Sydney with Ray White New South Wales Chief Auctioneer Alex Pattaro predicting that the market will continue to perform well in the weeks to come as more stock is made available.

“The prestige market around the $5-$12m price range is booming in a way that we haven’t seen in a long time,” he says.

“We are expecting an influx of stock throughout the tail end of February and March, with buyers and sellers cashing in before the Easter break. It is a great time to transact,” Alex explains.

One property on Sydney’s Upper North Shore sold for $2,780,000 – $480,000 over reserve, with over 120 groups through the property and 15 bidders competing on the day.

“Families are going above and beyond their initial price indications to obtain their dream home,” Alex says.

Punters braving the elements at 28 Carrington Road, Wahroonga 

In Melbourne, 668 homes were gearing up for auction day before the announcement of a five-day lockdown put a change to proceedings.

Many Melbourne agents headed online to conduct auctions once again to help return a preliminary clearance rate of 87.8 per cent in one of the biggest weekends of the year so far despite the restrictions.

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