More than 1,000 property auctions around major capital city markets are due to kick off this weekend – marking the largest day of activity this year.
John Healy from realestate.com.au told Sky News a combination of low borrowing costs, stimulus from governments and record buyer demand should give buyers and sellers confidence 2021 would be an excellent year for the property market.
“The property market is on the march,” Mr Healy said.
“Last week had a fair amount as well – around 800-odd – but we’re up 44 per cent on last week’s levels in terms of auction volumes.
“Those really headline auction markets of Sydney and Melbourne are looking very strong, they’ve got around 930 auctions scheduled in those two cities combined.
“Melbourne rates are up around 57 per cent week-on-week, and extra actions are up around 54 per cent week-on-week in Sydney.”
Mr Healy said vendors should wake up on Saturday with a positive attitude given the “healthy” clearance rates in the capitals last week, which came in as high as 90.5 per cent, but buyers would likely face “stiff competition”.