Auction activity is set to jump this weekend as the spring selling season sees a flurry of vendors looking to capitalise on record property prices.
The PropTrack Property Preview Report shows auction numbers are 134 per cent higher than this time last year, with 2193 properties scheduled to go to auction this weekend.
There are 664 auctions scheduled in Sydney this week, up 113 per cent year-on-year, and 708 auctions scheduled next week, up 109 per cent year-on-year.
Melbourne has seen the biggest jump in auction activity, with a 688 per cent increase in auctions compared to the first week of spring last year.
There are 796 auctions scheduled in Melbourne this week and 878 auctions scheduled next week, up 586 per cent year-on-year.
Cooley Auctions Chief Executive Officer Damien Cooley said he expected auction activity to continue to rise in the weeks ahead.
“Auction volume is increasing steadily in September,” Mr Cooley said.
“This weekend is the first one in spring and we’ve had a good run in August.
“The volume still remains conservative for this time of year and traditionally August and the first few weeks of September are quiet.
“Then in October is when things really start to pick up.”
PropTrack Economist, Anne Flaherty said she expected auction activity to climb further as we head into the warmer months.
“Scheduled auctions are well up compared to 12 months ago when lockdowns were hindering market activity, particularly in Victoria,” Ms Flaherty said.
“As we move further into spring, the number of auctions scheduled looks set to increase, giving buyers more choice.”
Across NSW, Marrickville is set to have the most auctions with 12 scheduled for the weekend, followed by Baulkham Hills, Broken Hill, Goulburn and Mosman all with nine.
In Victoria, Reservoir has the most auctions lined up for the weekend with 16, followed by Mount Waverley (13), Glen Waverley (12), Bentleigh East (10) and Richmond (10).
Across the smaller capital cities, Brisbane has 118 auctions scheduled for this weekend, which is the same as this time last year.
Adelaide has 125, up five per cent, while Perth, with 22 auctions scheduled, is down 27 per cent compared to the same weekend last year.
Mr Cooley said the market was holding up well.
“It feels like the market is being quite resilient and is finding its floor,” he said.
“We still have a relatively low volume of property on the market and that’s one thing that is helping stabilise prices.
“I think what will be the significant test for the market will be late October and into November and December.”
Mr Cooley said there was a clear flight to quality in the current market.
“The top end of the market feels strong and there’s good activity, particularly for homes that are finished and present beautifully,” he said.
“I always use the analogy that the good properties always sell well, regardless of market conditions and I think that is absolutely evident right now.”
Ms Flaherty said many vendors were looking to sell as soon as possible to beat what is expected to be a surge in listings later in spring.
“Forecasts of further price falls could also prompt some vendors to bring forward their selling campaigns,” she said.
“The combination of more properties for sale and slowing demand is providing more breathing room for buyers.
“As a consequence, the speed at which properties sell is likely to slow over the coming months.”
The most popular listing headed to auction on realestate.com.au this weekend is in NSW at 5 Gumbuya Avenue, Baulkham Hills.
The four-bedroom, two-bathroom brick and tile home has a price guide of $1.5 million and is perfect for a family.
The most viewed residential listing on realestate.com.au this week is 5805 Helena Valley Road, Helena Valley, WA, which sits on 1.23ha and is surrounded by Gooseberry Hill National Park, Beelu National Park and the Helena River.
