Property Frenzy Grips the Nation – 2,900 Homes Set To Be Auctioned In One Day

If you’re considering buying property, now may be the right time to get your finances in check, as significant auction numbers nationwide reflect a major property market comeback.

The latest data paints an even more vibrant picture of the country’s current real estate landscape – with last week predicted to be the third busiest auction week this year.

Last week, an impressive 2,509 homes were scheduled to go under the hammer across the combined capitals, representing a significant 10.3% increase from the previous week’s total of 2,275 auctions1.

This surge in activity reflects a steady growth trend, with the current numbers dwarfing the 2,169 auctions held at the same time last year.

Melbourne once again took the lead as the country’s busiest market with an astounding 1,129 homes scheduled for auction across the city, marking a 9.7% increase from the week before. While this marks a slight dip compared to the figures recorded for the same week last year, the Melbourne property market outlook remains buoyant.2

In Sydney, the property market is buzzing, with 944 properties scheduled to be auctioned last week. This represents a jaw-dropping 49.4% increase on the modest total of 632 auctions that were held across the city at the same time last year.3

For the smaller capital cities last week, 176 auctions were scheduled in Adelaide, 165 in Brisbane, 80 in Canberra, 14 in Perth, and one in Tasmania.

There’s no denying that Australia’s property market is rebounding with gusto, with an abundance of auction opportunities scattered across the country.

This coming week promises even more astonishing capital city auction activity, as a colossal “Super Saturday” event on October 28 is expected to catapult Australia’s auction numbers to a whopping 2,900 auctions in a single day.4

With an additional 600 homes expected to go under the hammer throughout the rest of the week, bringing the week’s total to a potential 3,500 home auctions, it is expected to be the combined capital’s busiest week since before Easter last year.5

It’s clear that the spring selling season is in full swing, and housing values continue to rise in most parts of Australia.6 So if you’re looking to enter the property market or purchase an investment property, reach out to your local MoneyQuest mortgage broker. Our team can help you to secure the right loan for your needs, bringing you one step closer to achieving your property goals.

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