Sellers storm the market ahead of interest rate hike

Mr Beaconsfield said the property on the Mornington Peninsula had attracted a large number of potential buyers and he hoped to get a good price.

“We’ve had a number of parties at the open house, and hopefully the house will fetch a good price,” he said.

“Our agent, Michelle Bennie at Ray White, guided between $950,000 and $1.05 million, hopefully we’ll get more.”

The shift in buyer demand has prompted many sellers to sell now rather than risk trading in a falling market, Raine said. & Horne Sales Agent Tom Fernon.

“Sellers want to sell at the top of the market and before prices drop, so there’s definitely a sense of urgency for some,” he said.

This Saturday, 3,116 homes are expected to go under the hammer across the country, making it the biggest auction weekend this year so far, according to Domain.

A total of 1,177 homes are set to go up for auction in Sydney on Saturday, a 28.6% increase from the previous week.

Auction volume rose 19.3% to 1,496 in Melbourne, it jumped 63.4% to 183 in Adelaide, it climbed 36.3% to 124 in Canberra and was flat at 128 in Brisbane.

The upcoming back-to-back long weekends have condensed auction activity this Saturday to provide exceptional choice for buyers, said Nicola Powell, head of research and economics at Domain.

“I think the increased auction volume is going to dilute buyer demand because there’s just a lot more choice, so we’re likely to see clearance rates go down in most capitals as buying conditions are getting better,” she said.

Last week, Sydney’s final clearance rate edged up 1.9 percentage points to 68.1% from the previous week, while Melbourne saw an increase of 2.1 percentage points to 69, 1. Combined equity rose 1.8 percentage points to 69.4%.

Although clearance rates have increased slightly this week compared to the previous week, they are still significantly lower than last year at this time.

Sydney’s clearance rate fell 9.3 percentage points over the year, Melbourne’s was 3.4 percentage points lower and 5 percentage points lower in all capitals combined.

Eliza Owen, head of research at CoreLogic, said while there are still plenty of active buyers, their numbers have dwindled over the past year.

“I think between lower clearance rates, sales volumes, price indicators and days on the market, we’re starting to see all this evidence that demand isn’t keeping up with the pace it was at the end of last year,” she said.

“It’s a bit different for smaller markets and regional markets, with a marginal slowdown in the ACT, Adelaide, but in the big cities things seem to be slowing down.

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