Aussie sellers prepare for busiest auction weekend on record

Australia is gearing up for the busiest auction week on record, with more than 4300 capital city homes to go under the hammer this weekend.

Property data firm CoreLogic reports with 4353 capital city auctions scheduled, it is the busiest week in their history or when their records began in 2008.

Three cities will boast all-time auction records including Sydney (1656 homes), Adelaide (308 homes) and Canberra (183 homes).

More than 4300 homes will go under the hammer this weekend as owners look to pick the top of the market. (Peter Rae)

CoreLogic research analyst Kaytlin Ezzy said this week’s auctions are set to be double the number recorded in the same week last year.

“If previous years are anything to go by, the peak in auction activity for this time of the year generally occurs between the last week of November and the second week of December,” Ms Ezzy said.

“Considering housing market conditions remain firmly skewed towards the vendor, it’s likely auction markets will remain buoyant at least through the first two weeks of summer before auction activity slows approaching the festive season.

“Traditionally auction markets ramp up in early February and move through another cyclical high leading into Easter.

“With such strong selling conditions likely to continue once the festive season ends, we could see auction activity ramp up earlier than usual in 2022.”

Huge crowds gathered an auction in Sydney. (Peter Rae)

Many owners will likely be looking to capitalise on the red-hot market, which has seen Australian dwelling values rise by an eye-watering 22 per cent in the past 13 months.

“Interest rates become a headwind on property prices if they are rising,” Gareth Aird, Head of Australian Economics at the Commonwealth Bank, wrote.

“That is the place we believe we are moving towards over the next two years given our expectation for the RBA to commence normalising the cash rate in late 2022.

“We expect prices to continue to rise through the first half of 2022, but at a more modest pace.

“We look for prices to peak in late 2022 around seven per cent higher than end-2021 levels.

“We then expect an orderly correction indwelling prices of 10 per cent in 2023.”

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