Another huge weekend of auctions ahead throughout the country

THE cold weather has done nothing to dampen the enthusiasm of the auction market with a record number of properties set to go under the hammer.

THE looming first days of winter haven’t done anything to dampen the enthusiasm for the auction market.

There are 3439 auctions scheduled across Australia this week with 2855 expected in capital cities.

That’s 1010 more auctions in capital cities than at the same time last year and just 69 up on last week.

Robert Larocca of RP Data said the high number of auctions this week could be attributed to the generally buoyant market, plus he said there would be fewer next week because of the Queen’s Birthday holiday.

The Sydney and Melbourne markets are both setting records for the number of auctions in the first five months of the year.

In Melbourne there are 1223 auctions scheduled compared to 1211 last weekend. With a clearance rate remaining in the mid 60 per cents.

In Sydney there are 1264 auctions expected in what is the record run of seven weeks over 1000 this year.

In Canberra 45 auctions are scheduled, well down on last weeks 76. Perth has 27 auctions, also well down on last weeks 70. After Sydney and Melbourne the largest volume of auctions are in Queensland outside of Brisbane with 261 scheduled. There are 192 in Brisbane.

In Adelaide 83 auctions are expected compared to 121 last week. There are 16 auctions scheduled in Tasmania.

Strawberry Rd, Bonogin will be auctioned on Saturday. Picture: Ray White Broadbeach.

On the Gold Coast a home at 139 Strawberry Rd, Bonogin will go to auction at 3pm on Saturday.

The home has a solar heated pool and a hydro spa.

There are five bedrooms and three bathrooms, plus an eight-seat cinema, wet bar and cellar.

The property has views of the of the Gold Coast skyline. It is being marketed through Ray White Broadbeach.

33 Collingwood St, Paddington in Queensland. Picture: realestate.com.au

A home at 33 Collingwood St, Paddington in Queensland will be auctioned on Saturday at 10am.

The five-bedroom two-level worker’s cottage has been renovated. It has a modern galley kitchen and a teenagers retreat. It is being marketed through Space Real Estate.

Mr Larocca said it had been a busy start to the year.

“May has been absolutely incredible and in fact the first five months of the year we have never seen as many auctions in Melbourne as we have seen this year,” Mr Larocca said.

He’s tipping the high volumes may mitigate price growth — which would be welcome news to buyers keen to beat the winter chill.

The home at Wheatley Rd, Ormond in Victoria is expected to do well at auction on the final Saturday of autumn.

Meanwhile Melissa Ryan at Hodges Bentleigh is tipping very little will mitigate the appetite of buyers at the 11.30am Saturday auction of 168 Wheatley Rd, Ormond.

The three-bedroom house has already been renovated, but has room on the 703sq m block for an extension and sits within the well regarded McKinnon Secondary zone.

On that basis Ms Ryan expects it will sell somewhere in the high $800,000 to the $900,000 mark.

It may prove an interesting test case for developer demand, however, as the property, which has a heritage overlay, was declared part of the high density development zone for the local area in July last year — making it a potential development site capable of having three-storeys of apartments built on it.

The auction of 7 Newell Court, Wantirna in Victoria is expected to draw a crowd. Picture: realestate.com.au

Also in Victoria a large crowed is expected at the auction of 7 Newell Court, Wantirna, after the neighbouring property smashed its reserve by $200,000 last month.

Harcourts Wantirna/ Rowville director Archie Mantsos said the neighbours approached him shortly after the hammer fell on 9 Newell Court at $1.15 million.

“It went so much over reserve that the neighbour walked over and said ‘sign me up’,” Mr Mantsos said.

It will be auctioned on Saturday at 3pm.

The home has five bedrooms and three bathrooms. There are porcelain tiled floors, a sunken lounge with a cathedral ceiling and a dining room which opens onto a glass balustrade deck.

Originally published as Another huge weekend of auctions ahead throughout the country