It was another strong weekend for auctions, with the nationwide preliminary rate sitting at a very strong 76.6 per cent.
If the final clearance rate finished above 70 per cent, it will be the first time since May 2017 and a really strong sign for property prices headed into the spring selling season.
Sydney led the playing field with 81.7 per cent of properties selling, while Melbourne finished with 78.3 per cent.
It was also another weekend where the number of registered bidders continued to increase, and the crowds continued to grow.
Justin Nickerson (QLD)
It was another strong weekend in Queensland and Justin saw both a good clearance rate as well as good buyer turnout.
“The auction clearance rate was up above 50 per cent, and there was a number of auctions with the number of registered bidders up around 6-7 which is great to see.
“As a team, we had around 25 auctions and quite a few sold prior, which has been a bit of a theme lately. A number that sold not only had strong interest prior to auction but also had more bidders turning up on the day.
“It was a really strong weekend and the buyers just seemed to be a bit more confident to act and they finally realise that things are in their favour and they’re not going to gain too much by waiting.
“Sellers are still optimistic on their initial reserve price, but the adjustments have by and large been pretty modest. So, generally speaking the sellers are leaving the auctions pretty happy as well.”
Alec Brown (ACT)
Alec Brown saw incredibly strong clearance numbers over the weekend and is bullish on what this means for the weeks ahead.
“It was a strong weekend. Across the ACT, numbers were back down with only 21 reported, but a huge jump in clearance up to 89 per cent, which is brilliant. We had only the two auctions with one selling prior and one selling on the day very comfortably above reserve with an excellent number of bidders.
“We’re really getting a sense that things are about to move. We understand that the clearance rate can ebb and flow, but overall we feel that this is a very good indication of where the market sits at the moment.
“We are seeing some incremental growth in volumes, with many new listings coming up. This week we have a big quarterly event where 27 properties will go to auction on the Thursday, which is going to be a really good platform to launch us into the next stage of the market.”
David Holmes (Canberra/QLD)
David Holmes saw a lot of lookers and interested parties through the open homes but as yet that hasn’t translated to increased bidders.
“Our clearance rate was off a little bit around 35 per cent this week, but we had really good attendances and crowd sizes are up. Just a little bit quiet from the bidders.
“The bidders are still a little bit reserved, but the key indicator was that the crowd sizes were up. Again, we’re thinking that as the changes in the economy start to filter through, the bidders will get a little bit more confidence.
“There are definitely a lot more people through the open homes – significantly up on the last six months. There just feels like there is more interest and less hesitation on the shopping side. Hopefully next week we see some more bidding.”
Stu Benson (NSW)
Stu Benson saw firsthand just how strong the bidders were this weekend in Sydney, with both strong interest and some really solid results.
“Another weekend in Sydney’s North West saw huge crowds, plenty of bidding activity and some massive results for not only myself, but other brands in the marketplace.
“One of the most powerful numbers in the auction conversation isn’t the clearance rate, it’s the amount of buyers who are missing out. Of the 23 bidders at my auction sale of 15 Louise Way in Cherrybrook on Saturday, there are now 22 buyers who literally have funds and cheques burning holes in their pockets.
“Now’s the time to use auctions to grow your database and build brand momentum so that, should the market turn again, the profile you’ve built will ensure you keep your head above water whilst others falter. As they say, make hay while the sun shines!”
Gavin Croft (NSW)
It was a similar story for Gavin Croft with great turnout and the bidders continuing to ramp things up around Sydney.
“We had eight auctions booked this week, seven sold with an average of six registered bidders per auction, giving a weekly auction clearance rate of 87.5 per cent.
“This year we have conducted 333 auctions, 262 Sold on or before auction day giving a YTD auction clearance rate of 78.6 per cent.”
