Going once, going twice, sold! These are words that you should be familiar with because record numbers of property in Carlton are going under the hammer. Australian Property Monitors have said for the weekend ending 9 November, Sydney had 928 auctions listed. This is up on 883 listed last week, and 126 more than this time last year.
This increased number of listings has not resulted in a higher clearance rate. In fact, it has resulted in the opposite. Research by RP Data shows the preliminary clearance rate for the weekend was 69 per cent. While this was still the highest clearance rate in the country, it is down from 75.6 per cent last week and 76 per cent 12 months ago.
Domain Group Senior Economist, Dr Andrew Wilson believes these increased auctions are beneficial for buyers. He claimed that "[a]uction activity will continue to rise over the next six weekends testing the market with buyers spoiled for choice and sellers looking for a result before Christmas." He attributed this strong housing market in Sydney to low interest rates and added that there should be no fears of a sudden drop, as he believes they will remain steady through to 2015.