Super Saturday: Australian capital cities set to break auction records
Article by Mozo
The pre-Easter auction rush is set to culminate this Saturday, with a record-breaking number of listings in Australia’s biggest property markets.
According to the Domain Group, over 1100 auctions will be conducted in Sydney tomorrow, despite fears of the NSW State Election posing a distraction. This represents a 50% increase on last weekend’s figures, continuing the positive trend for the month.
Average clearance rates in Sydney have been at an all high time in March, with last weekend recording the highest ever clearance rate for a regular weekend of activity. Although this same period was last year followed by a quieter winter, it is expected that clearance rates will remain buoyant despite an increase in listings this year.
The Melbourne market is similarly expecting a surge of sellers, with 1400 auctions scheduled for tomorrow, its highest for an Autumn Saturday. Clearance rates are currently tracking at their highest level in 4 years on the back of increased buyer activity, following a period of moderate auction activity at the end of 2014.
Meanwhile, the Brisbane market has also witnessed a trend of rising activity, with a record 153 auctions expected on Saturday.
Improved confidence in the property market following February’s official interest rate cut, the first move in rates since 2013, has aided the rise in activity across the Eastern seaboard.