AUCTION activity has picked up again this week following a drop in numbers across Newcastle and Lake Macquarie last week.
There are 44 auctions scheduled across Newcastle and Lake Macquarie for the week starting March 27, with 21 of those set to take place on Saturday and three on Sunday.
Last week, there were 17 auctions scheduled in Newcastle and Lake Macquarie that recorded a clearance rate of 76.9 per cent, according to CoreLogic.
CoreLogic is expecting to see the busiest auction week nationally since late May 2022 when 3226 auctions were held.
"This will be one of the busiest weeks this year for auctions," Spillane Property agent Patrick Skinner said.
"The busiest week in our region so far was the week starting February 13 where we had 40 auctions and this week will be busier than that."
Traditionally, the weekend before Easter is always a busy time for auctions.
"It's the squeeze between before and after Easter," he said.
"You will notice the week after Easter will probably have a higher rate of auctions but everyone is trying to get it done before Easter because next week is a bit of a tricky one with people going away on holiday, and it's a short week."
Among the big auctions this week is Spillane Property's auction of a federation home at 21 Alexander Street, Hamilton.
The property, which won best small garden in the 2022 Newcastle Garden Awards, will go to auction on Saturday at 10.15am.
"We have two registered bidders but we expect that we could potentially have another one or two," Mr Skinner said.
"It has an auction guide of $2.15 million to $2.35 million."
Other big auctions taking place on Saturday include a three-bedroom, two-bathroom house at 81 Merewether Street, Merewether listed with a guide of $1.89 million with Dalton Partners.
Belle Property is guiding $1,375,000 on the auction of a five-bedroom, three-bathroom home with lake views at 3 Speers Street, Speers Point.
On Saturday, McGrath is taking a three-bedroom, two-bathroom house at 56 Verulam Road, New Lambton to auction with a guide of $915,000 to $975,000 as well as a four-bedroom, two-bathroom home with a pool at 236 Scenic Drive, Merewether.
It has an auction guide of $2 million.
On a national scale, CoreLogic research director Tim Lawless said auction clearance rates have shown a substantial improvement from late last year when the combined capital cities were consistently returning a clearance rate around the mid-to-low 50 per cent range.
In comparison, the capital city weighted average clearance rate has held above 60 per cent since late January, with the last weekend of March coming in at 66.7 per cent.
"No doubt the persistently low number of listings coming to market has a role to play in higher clearance rates and the recent upwards pressure on housing values,' Mr Lawless said.
The lift in clearance rates has also been accompanied by a clear lift in housing values.
CoreLogic's Home Value Index released earlier this month revealed a sharp reduction in the rate of decline in home prices throughout February with the smallest monthly fall across Australia since May 2022.
House values across Newcastle and Lake Macquarie recorded a rise of 0.1 per cent in February.
Although the outlook for housing markets is looking increasingly buoyant, Mr Lawless said he remains cautious in calling a bottom in the cycle.
"There is still some catch up in the interest rates cycle before households see the full impact of higher rate and its likely economic conditions will slow through the rest of the year and labour markets will loosen," he said.
This weekend's auctions:
Saturday
- 14 Jesmond, Street, Redhead
- 10 The Grange, Cardiff
- 11 Landa Parade, Waratah West
- 81 Merewether Street, Merewether
- 3 Speers Street, Speers Point
- 24 Mooranga Road, Mirrabooka
- 21 Alexander Street, Hamilton South
- 14 Beverley Crescent, New Lambton Heights
- 1C Park Street, Morisset
- 56 Verulam Road, New Lambton
- 4 Park View Street, Georgetown
- 16 Fraser Street, Jesmond
- 40 Willis Street, Charlestown
- 236 Scenic Drive, Merewether Heights
- 9 Gilford Grove, Cameron Park
- 27 Sun Hill Drive, Merewether Heights
- 248 Morgan Street, Merewether
- 3/16 Charles Street, Warners Bay
- 8 Breakwall Road, Cameron Park
- 16 Redwood Close, Fletcher
- 85 Patrick Street, Merewether
Sunday
- 23 Evans Street, Belmont
- 31 Spinnaker Ridge Way, Belmont
- 40 Boronia Avenue, Adamstown Heights
