CoreLogic has revealed auction activity is expected to rise across the combined capitals this weekend, with almost 2,000 homes scheduled to go under the hammer.
There are 1,958 homes going to auction on September 10 and 11, the second weekend of the traditionally busy spring auction season. This is up 7.4% from the previous week (1,823) and 34.8% higher than this time last year (1,453).
For the weekend ahead, CoreLogic has revealed Melbourne is the busiest capital for auctions with 840 homes scheduled to go under the hammer, up 8.1% from the previous week (777) and a massive 117.6% higher than this time last year when just 386 auctions were held as the city remained in lockdown.
Read more: Capital city auction clearance rates rising
Sydney is a close second for auction activity behind Melbourne with 746 homes heading to auction this weekend, up 8.3% from the previous week (689) and 12.9% higher than this time last year.
Based on auction clearance rates for the week ending September 4, the five most successful areas of Sydney for selling homes are the eastern suburbs (68% clearance rate), city and inner south (66.7%), northern beaches (61.4%), inner west (60.7%) and south west (57.7%).
To discuss the Sydney property market in more detail, Australian Broker caught up with Andrew Hadjidemetri (pictured above), director of Sydney brokerage Australian Financial & Mortgage Solutions.
Hadjidemetri said he had noticed a rise in available listings which was common as we enter spring.
“Many clients want to get their transactions completed well before their well-deserved Christmas and new year break,” Hadjidemetri said. “Although there are more available listings, they have not been ticking all clients’ boxes. My clients are seeking good positions in their suburbs in which they are looking to purchase.”
Hadjidemetri said there were substantial differences in properties and prices in the same suburb depending on which street and which aspect the property was facing.
“In a cooling market, unless the owners are upsizing, you won’t see many listings that tick all boxes,” he said. “Spring historically has always seen an increase in the volume of listings as clients ramp up their property search.
“I personally think we will see a lot of properties hit the market as many buyers/sellers/agents believe we are close to the bottom of the market and many are either looking to get in now or looking to upsize and they believe now is their best time to sell their current home and buy their upgraded one.”
Brisbane is the only capital city set to see fewer homes taken to auction this week with 125 currently scheduled across the city, down -4.6% from the previous week (131).
Adelaide is set to host 128 auctions this weekend, up 2.4% compared to the week prior (125). There are 16 auctions scheduled in Perth this week, up from six last week and only one auction planned in Tasmania in line with the week prior.
CoreLogic research analyst Caitlin Fono said for the first weekend of spring 2022 (September 3 and 4), there were 1,823 homes taken to auction across the combined capitals with a clearance rate of 59.4% recorded.
“This was the highest combined capital city final clearance rate since the week ending 22 May (61.3%),” she said.
There were 695 auctions in Sydney this week, down -10.8% from the previous week (779), although 14.5% higher than this time last year when 607 auctions were held across the city.
Of the 562 results collected so far, 60.0% were successful, up 3.1% from the previous week’s preliminary clearance rate of 56.9%, which revised down to 51.7% at final figures.
This is a drop from this time last year in Sydney where 81.2% of homes taken to auction sold under the hammer.
