Spring selling season kicks off with a bang

More than 2,400 homes are scheduled to go under the hammer in the first week of spring as vendors emerge from the sidelines after months of sitting out.

PropTrack data shows the number of auctions scheduled is up 13% compared to the first week of spring in 2022, as rising property prices give sellers more confidence to bring their homes to market.

Melbourne tops the list with 961 homes scheduled for auction this week, a 24% rise year-on-year, while Sydney is up 23% with 785 homes set to go under the hammer.

PropTrack economist Anne Flaherty says it follows unseasonably strong winter momentum, with more homes hitting the market and an “unusually high” number of auctions.

“One of the reasons we’re seeing such a busy start to spring is that there’s probably a whole cohort of sellers who had held off selling their properties over the first half of this year, or the back half of last year,” she said.

“We saw a very quiet first six months of 2023 as a lot of people were hesitant to sell.

“We know from research that the proportion of homeowners that considered it a bad time to sell a property was really high and now we’ve seen an improvement in selling sentiment.”

Click here to read more