As the market starts to heat up in 2020, Ray White has reported they had 346 auctions scheduled this week, with 131 of those booked in for Saturday.
Preliminary data on auctions in Sydney shows the clearance rate was at 85 per cent clearance on Saturday for the Ray White network.
Ray White New South Wales chief auctioneer Alex Pattaro said 2020 had officially kicked off with a bang.
“The consistent message from agents across the state was that attendance and inquiry was higher than late 2019. The few auctions we have had have started off with a bang,” Mr Pattaro said.
“It is clear that the competition is stronger than last year, and property prices have shifted in a northerly direction.”
Ray White Queensland chief auctioneer Mitch Peereboom said Saturday’s action wrapped up a massive week of more than 150 auctions conducted on the Gold Coast.
“We saw some really strong clearance rates, massive crowds indicating potential sellers are researching the market wanting to know how it’s faring heading into 2020,” he said.
“Today the clearance rate (for Queensland) sits at just over 72 per cent under the hammer and we certainly have seen a number of buyers looking to compete, actively ready to bid under the auction terms and conditions.
“We’re seeing that $500,000 to $800,000 bracket performing the best with plenty of buyers active in that market.”
In Victoria, Ray White Ferntree Gully’s Lar Potimoy said the current market was the strongest she’d seen in her six years as an agent.
“The market’s been fantastic in 2020 so far,” Ms Potimoy said.
“I think with the interest rate drop, it’s helped a lot of first home buyers and investors.”
Ray White also noted their auction market share was 24 per cent across Australia.
Breaking down the states, they said the group’s share of auctions was 31.6 per cent in Queensland, 39.7 per cent in South Australia, 31 per cent in WA, 22 per cent in Sydney metro, and 30 per cent in Melbourne metro.
