The weather may be starting to cool, but the Australian property market is starting to heat up, with the number of properties being offered under the hammer rising. 

According to Cotality figures, there are ?2,395 homes scheduled to go under the hammer this week – up 34.2% from last week and 5.8% higher than at the same time last year. In Sydney alone, the number of properties prepared to go for auction this week is up 44.7%, and Melbourne has more than 1,000 properties going under the hammer for the first time in six weeks.

Cotality economist, Kaytlin Ezzy, expects the momentum to continue and is predicting that about 2,700 properties will go to auction the following weekend. She says buyers may feel more confident as the latest cut to interest rates has increased the average Australian’s borrowing capacity by ?$12,000 for a single person and $23,000 for a couple.

Canstar data insights director, Sally Tindall, says when borrowing capacity increases, the winner is often the person selling the property.