The state of the auction market is one of those metrics people use to gauge the overall real estate market. While it might not tell you everything about what's going on, you can be sure that if the number of auctions is still going strong, the market is in a healthy position.
This certainly seems to be the case in Sydney, as it's showing no signs of slowing down as we approach the end of the year. CoreLogic RP Data is expecting the number of auctions across the capital cities to leap upward for the week ending September 27, and this is largely on the back of Sydney's auction volumes. This could mean there will be a lot more real estate in Carlton, St George and nearby areas on the chopping block than in some weeks previous.
According to the RP Data figures, there are 2,842 auctions expected across the capital city markets for this week. This is the highest figure since the week before Easter, when 3,668 auctions were held. Sydney will see 1,198 of these auctions take place within its city limits – or around 42 per cent of the total number of capital city auctions.
This is also an increase from last week, when only 1,041 auctions were held in the New South Wales capital – a solid number, but quite a bit less than this week's volume.
The good news for buyers is that this means a lot more purchasing options this week. And with clearance rates in Sydney having recently taken a fall, it could be easier to buy that property in Beverley Park you've had your eye on.
If auction volumes continue this high, it's also a vote of confidence in the state of the real estate market. As we settle into Spring, it seems more and more people are hoping to get some property off their hands.