Back-to-back Super Saturdays ahead as auctions heat up

Buyer activity is set to be tested in the coming weeks with consecutive Super Saturdays in both Sydney and Melbourne.

More than 6,000 homes are set to go under the hammer this fortnight, PropTrack data shows, with 3,157 homes auctioned this weekend and a further 3,337 homes slated for next week.

PropTrack economist Anne Flaherty said the number of homes heading to auction in 2024 has been consistently above last year’s levels.

“This week will see 23% more homes auctioned compared to the same week last year, with next week up 39%,” Ms Flaherty said.

“Buoyant auction volumes is the expectation of a more stable interest rate environment, which looks to be supporting a recovery in seller confidence.”

It comes off the back of last weekend’s first Super Saturday of the year as buyers and sellers emerged from the quiet holiday period.

Growing expectations that interest rates could fall later this year has seen buyer demand keep pace with an increase in property listings, with auction clearance rates bouncing above levels seen during the recent spring selling season.

Auction clearance rates in the largest auction markets

The latest PropTrack Listings Report showed new property listings on realestate.com.au surged 12% year-on-year in January, taking total listings to more ‘normal’ levels in some of the major capital cities.

But property agents claim the bump hasn’t been enough to cool the market, with many homes selling for hundreds of thousands of dollars above reserve across Sydney last weekend.

Auction clearance rates in Australia’s auction capitals – Sydney and Melbourne – dipped below 60% during the recent spring selling season after the Reserve Bank raised the cash rate to 4.35% in November.

Auctioneer Jon Craven drops the hammer at a competitive auction with seven registered bidders in Sydney last weekend. Picture: Tim Hunter

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But after a bumper start to the year, the clearance rate has bounced back into the mid-60% range following the unofficial start to the real estate calendar – the week after Australia Day.

In the smaller, less auction-centric market of Brisbane, the clearance rate is sitting around 50%, while Adelaide remains strong at more than 70%.