More properties went to auction last week than in any other week of the year, but the increase in supply did nothing to dampen demand - the clearance rate rose to 77.6 per cent.
Billed 'Super Saturday', 3,424 homes went to auction, with vendors rushing to get their property to market before the Easter and Anzac Day holidays, and buyers bidding up on what was on offer.
A total of 2,657 properties went to auction the previous week. However, on the weekend before Easter last year, with 3,540 listings, slightly more properties went under the hammer.
Melbourne and Sydney again achieved clearance rates above 80 per cent, with other markets recording mixed rates.
Melbourne achieved a clearance rate of 81 per cent.
“Strong buyer demand for homes across the state continued this weekend with the year-to-date clearance rate currently sitting at 80 per cent – its highest since 2010,” Joseph Walton, president of the Real Estate Institute of Victoria told SCHWARTZWILLIAMS.
“In a pre-Easter rush more than 1,100 homes went to auction this weekend with high success rates recorded across the city,” he said.
“City of Monash and City of Maroondah had some of the city’s highest auction volumes this weekend with vendors in these areas seeing strong results under the hammer,” said Walton.
The City of Monash had the highest number of auctions, with 63 homes going under the hammer. The City of Maroondah achieved a 97 per cent clearance rate from 33 auctions. Both Doncaster East and South Yarra recorded clearance rates of 100 per cent, from 13 and 10 auctions respectively.
"'Super Saturday' lived up to its reputation again on the last big weekend before the Easter break with a record number of submissions and another 80% plus clearance rate," John Cunningham, president of the Real Estate Institute of New South Wales told SCHWARTZWILLIAMS.
Despite the week's strong results, Cunningham observed there were fewer bidders at auctions last week.
"Although there appears to less bidders per auction there is still enough heat in the market to push well over reserves on many properties, whilst others are either just making it to the line or being negotiated post auction," he said.
Cunningham believes we are seeing signs of the market stabilising, but not a sharp correction.
"Yes there are signs of a leveling and stabilizing market which is a healthy outcome, but don't expect to see the market drop anytime soon," he said.
Alex Ouwens, president of The Real Estate Institute of South Australia, told SCHWARTZWILLIAMS, "The Adelaide marketplace continues to clear auctions at a sustainable pace with 67% of 177 scheduled auctions selling."
Ouwens said "the inner metro market is very strong with the sweet spot for sellers being in the $600,000-$800,000 range". This sector of the market is mostly being sold to owner occupiers.
Ouwens said South Australia is experiencing more interest from interstate buyers in the $450,000 to $600,000 range, where freestanding houses are achieving yields of up to 5.5%.
Visit Luxury List to view three-bedroom house at 21 Spicer Street, Woollahra, in Sydney's eastern suburbs, which sold at auction last week.
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