At a time of year that is notoriously busy for Australia’s housing market, the weekend’s auction activity certainly didn’t disappoint.
In fact, data revealed by CoreLogic shows that the number of homes taken to auction across Australia over the weekend was the second-highest figure in the last 12 months.
After last week’s long weekend, auction activity in Melbourne was certainly back with a bang with a whopping 1,094 auctions, whilst in Sydney, a further 817 homes went under the hammer.
Both cities have so far recorded impressive clearance rates of 80.3 per cent and 87.4 per cent respectively.
Ray White NSW Chief Auctioneer, Alex Pattaro explains that homes near central Sydney currently the most sought after as the city’s auction market remains buoyant.
“We are seeing inflated expectations on top of offers and feedback that is well above previous recorded results but we are still seeing strong bidding activity and solid prices at all Sydney auctions, especially for family homes within a 10km radius from the Sydney CBD,” he says.
In Canberra, 95 per cent of the 92 scheduled auctions have so far returned a positive result, whilst in Perth, all 17 homes have already cleared.
Brisbane and Adelaide were both host to over 100 auctions wrapping up a frantic of buer and seller activity across the country.
A combined preliminary clearance rate of 83.2 per cent has been returned across Australia’s capitals which dwarfs the 65.3 per cent that was recorded this time last year when 2,274 homes were scheduled for auction.