Melbourne is loading up for a super Saturday of auctions this weekend.
There are a record 1630 homes up for auction tomorrow, beating the previous all-time record of 1558 set on the weekend before the Melbourne cup last year.
Listing agent Zali Reynolds from Marshall White told Domain this weekend was popular with vendors because it gave them a clear four week lead-in clear of the distraction of the spring carnival.
“2015 has been a phenomenal year in terms of price growth in the market across Melbourne and the eastern suburbs, and so people are wanting to capitalise on that, and really make the most of a strong market,” she said.
Last weekend however, the auction market recorded its fourth consecutive weekend with a clearance rate below 70 per cent, and it sits at its lowest level in over two years.
There will be another big auction weekend following the super Saturday tomorrow.
Domain Group’s Andrew Wilson said the big auction numbers were a reflection of sellers’ confidence of achieving a sale.
“The big numbers of auctions reflect the traditional end-of-year surge in auction activity, but I think it also underscores the Melbourne market is still bubbling along on confidence,” he told Domain.
“It’s a very healthy, balanced market at the moment. It’s still a sellers’ market…but buyers aren’t being discouraged.”
Mr Wilson predicted auction clearance rates to end up closer to 60 per cent rather than 70 per cent by the end of 2015.