Spring proved to be a busy season with more homes being auctioned in the last Quarter of 2019 than the previous three.
Expectations from both property analysts CoreLogic and SQM Research are for the property market to gather momentum in 2020.
The Quarterly Auction Report shows that in Quarter 4 the number of listings for sale rose and clearance rates averaged a success rate of 70% across the combined capital cities.
The strongest results were recorded in Sydney (75%) and Melbourne (73%). This was an improvement on Quarter 4 of 2018 when nationally, only 44% of homes sold under the hammer.
Outside of the capital cities, Geelong returned the highest clearance rate (63%), Wollongong recorded (53%) and the Hunter region (54%).
Louis Christopher, managing director of SQM Research says: “I think we’re going to see more sellers come to the market this year overall because they are now more confident that they’re going to get their target sale price with the increase in buyer demand”.
By Ryder
