Sydney and Melbourne pre-Easter Super Saturday auctions at near record rush with Brighton 28 listings overload
This weekend is expected to be Melbourne's fifth biggest in history with 1,210 auctions.
"There are two reasons for the high number of auctions, firstly as consumer confidence levels are slowly rising more owners are prepared to sell and secondly a traditional spike in listings caused by Easter the following weekend," the REIV spokeperson Robert Larocca said.
In Sydney there are 710 auctions which is just down on last year when the weekend before Easter had 735 listings and in 2010 when there was a 750 listings super Saturday, according to Australian Property Monitors. In Sydney, Strathfield leads the way with 15 scheduled auctions and Concord and Maroubra are each expected to host 13 auctions.
The Melbourne suburb with the highest volume of auctions this weekend is Brighton, which has 28 homes going under the hammer. There are also 22 scheduled in each of South Yarra and Glen Iris.
The group, which operates in the upmarket inner east and eastern suburbs, will hold around 100 auctions on Saturday and Dowling expects strong clearance rates which will be "proof" of the recovery."
The largest weekend in history was 14 and 15 March 2008, when there were 1,351 auctions and a clearance rate of 67%.
On one weekend in November 2003 there were 1,241 auctions and a clearance rate of 47%, while on one weekend in December 2010 there were 1,235 auctions with a clearance rate of 57%.
In October 2007 there was a weekend with 1,211 auctions with a very strong clearance rate of 83%.
The Melbourne suburbs ranked by volume of auctions in the week ending 24 March, according to the REIV are:
Suburb | Number of auctions | YTD Clearance rate |
Brighton | 28 | 66 % |
South Yarra | 22 | 78% |
22 | 76% | |
Prahran | 19 | 79 % |
Richmond | 19 | 87% |
19 | 74% | |
Elsternwick | 18 | 79% |
18 | 69% | |
18 | 80% | |
17 | 67% | |
17 | 67% |
A three-bedroom home at 51 Montclair Avenue, Brighton (pictured below), will go to auction tomorrow with a price guide of $730,000 to $790,000.
A five-bedroom house at 37 Drake Street, Brighton (pictured below), will also go under the hammer tomorrow.
RP Data expects that over the week to Sunday 24 March, 2,415 auctions will be held across the nation's capital cities.
The bulk will be held tomorrow.
Last week across the combined capital cities, the auction clearance rate was recorded at 62.2%, up slightly from 61.6% the prior week.
Auction volumes rebounded to 1,851 over the week, up from 996 the week prior.
At the same time last year, there were 1,454 auctions and the clearance rate was recorded at 51.4%.
Over the past four weeks, the combined capital city auction clearance rate has been in excess of 60% each week.
In Melbourne, Australia’s largest auction market, there were 928 auctions last week with a clearance rate of 66%.
In comparison, over the previous week of the Labour Day long weekend, there were 227 auctions held and the clearance rate was recorded at 62.4%.
In Sydney, the auction clearance rate was recorded at 65.6% last week, down from 67.6%.
Sydney auction volumes across the city increased from 533 the week prior to 647 last week.
Auctions continue all the way through to Easter Thursday.
A four-bedroom, four-bathroom trophy home in Malvern (pictured below) will be auctioned next week with price expectations of $3.5 million-plus.
Located on Spring Street on an 897-square-metre lot, it is the second time the two-year-old residence has been offered for sale.
It was last listed for auction in June 2011 for $3.7 million plus.
It is owned by Con Tangalakis, co-owner of Sinapse, a business consultancy company.
Architecturally designed by David Edelman architects, the home boasts a home theatre room, a miele-equipped kitchen with white stone benches and a children’s retreat.
The property also includes a solar heated pool and landscaped gardens.
Joanna Nairn from Marshall White has listed the home for a March 28 auction.
