Busiest auction fortnight of 2024 as more homes hit market

Almost 7,500 properties will head to auction this fortnight as strong selling conditions encourage homeowners to go to market.

But despite a flood of new property listings, buyer demand appears to be keeping up as home seekers look to get in ahead of an expected rate cut later this year.

According to PropTrack, 3,204 homes go under the hammer this week, with a further 4,276 scheduled for the following as vendors look to sell before the Easter holidays.

It follows a bumper month for new property listings according to the latest PropTrack Listings Report, which saw its busiest February in over a decade in the capital cities.

Nationally, there were 16.6% more new listings in February compared to a year earlier, driven by Sydney and Melbourne.

The strong pipeline of new listings drove the total number of property listings nationally 7.2% higher year-on-year.

PropTrack senior economist Angus Moore said increasing certainty around market conditions was boosting seller confidence.

“Supporting this busier start to the year was strong demand, unemployment that remained low by historical standards, strong population growth, tight rental market conditions, and a more stable outlook for interest rates,” Mr Moore said.

“Markets are no longer expecting a further increase in interest rates, with an expectation of cuts as soon as the second half of this year.”

Mr Moore noted the extra day in February due to the leap year will have raised volumes relative to non-leap years.

Melbourne recorded 35.4% more new property listings in February 2024 compared to a year earlier. Picture: Getty

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But activity has not been as strong in many of the smaller capital cities.

Despite a jump in new listings during the month, the total number of listings in Brisbane, Perth, and Adelaide remains around 40% below the decade average.

That compares to Sydney, Melbourne, Canberra, and Hobart where the total number of properties listed for sale now sits solidly above the prior-decade average.

Adelaide-based Ouwens Casserly Real Estate managing director Nathan Casserly told realestate.com.au that buyers were continuing to outpace supply.

“There’s a feeling from buyers that once those interest rates do drop at some stage there’s probably the potential for significant uplift in the marketplace,” he said at the REA Group Ready24 real estate conference in Sydney this week.

Outside of the capitals, regional new listings jumped 25.7% during the month of February, taking total listings almost 10% higher year-on-year.

“Regional NSW and regional Victoria saw solid increases in new listings compared to the same time last year, continuing their trend of improving activity and choice since the end of 2021,” Mr Moore said.

“In fact, the total number of listings in regional Victoria has almost returned to its average over the past decade and is higher than it was pre-pandemic – a sharp turnaround from where it stood in the middle of 2021, when it was down more than 60% compared to the decade average.”

Busiest auction fortnight of 2024

Buyer and seller activity will be tested over the coming fortnight with the highest number of auctions scheduled so far this year.

But back-to-back Super Saturdays in the auction capitals of Sydney and Melbourne in recent weeks haven’t deterred buyers, with clearance rates holding steady over the past month.

Auction clearance rates in the largest auction markets

Reservoir in Melbourne’s north and Glen Waverley and Bentleigh East in the south east will host the most auctions this weekend.

Harbourside Mosman will have the most auctions in Sydney.