Auction market off to early start as listings spike

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Hundreds of homes had been scheduled for auction over the past two weeks, and more than 1150 more are set to go under the hammer this week – up 30 per cent year-on-year Domaincomau propertymarket firsthomebuyers auseconomy

Australia’s auction market got off to a busier start than usual, with more sellers hitting the market over the traditionally quieter summer holiday period in a bid to get ahead of the competition before an increase in listings gives buyers more choice.

While that pent-up supply had probably worked its way through, more homeowners were looking to take advantage of still generally strong selling conditions, he said. Melbourne recorded a preliminary clearance rate of 64 per cent, Sydney a rate of 58.3 per cent, and Brisbane a rate of 76.1 per cent, though all off low volumes. Adelaide had the highest rate at 78 per cent.

Auctioneer Alex Pattaro expects to see a more balanced auction market for buyers and sellers this year.The bulk of sellers, however, had decided to wait until after Australia Day and the school holidays to launch their sales campaign, Mr Pattaro said, with February 19 shaping up to be the first big auction day of the year. A small handful of sellers had pushed campaigns back due to the ongoing surge in coronavirus cases, he added, but most were going ahead.

 

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