Aussie house sellers gear up for record auctions this weekend

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Aussie house sellers gear up for record auctions this weekend

Australia auction listing
Image source: Sensay, Shutterstock.com

Highlights 

  • Auction listings have increased over eight consecutive weekends, supported by easing COVID restrictions. 
  • The auction listings have surged nearly 17% this week from the previous corresponding period.

With a total of 4354 homes advertised over the week, Australia is set to have its busiest auction weekend ever, as vendors scramble to get their homes on the auction block before the market corrects and values ease.

In addition, the auction listings have surged nearly 17% this week from the previous corresponding period. As a result, vendors are rushing to get the best deal to beat the holiday season. 

There are around 4354 houses scheduled for auction listing this week. Last week, the surge in listings was recorded across the city, including tightly held areas like Manly, Ku-ring-gai, Leichhardt and Marrickville. 

Auction volumes have surged with a solid number across Australia, with a high number of properties for sale and frenzying competition between buyers. Moreover, the clearance rate has dropped to nearly 70% this week, with Sydney witnessing the lowest clearance rate at around 68%. Meanwhile, Melbourne’s clearance rate also fell to 68% from 71.8% in the last week. 

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