Saturday might be renowned as the prime day for property auctions, but according to Ray White‘s national auction day clearance rates, Friday is actually more successful.
Ray White Chief Economist Nerida Conisbee said that 1pm on Friday boasted the highest auction clearance rate for the agency, at 91.2 per cent.
However, Saturday at 8am came in at a close second, with 90.5 per cent of all Ray White auctions selling under the hammer at this time.
“Most auctions in Australia are held on Saturdays between 10am and 1pm however new data from Ray White shows that looking at a midweek auction could create more competition,” Ms Conisbee said.
“Holding an auction at a time that is less standard can work to your advantage if there is simply less competition from other properties going to auction at these times.”
Over a 12-month time period, Ms Conisbee also found that auctions held on Tuesday at 5pm attracted the most bidders, with an average of 5.9 active participants. This is significantly higher than the total average over this time period of 3.2 active bidders.
And after drilling down to individual capital cities, Ms Conisbee said the best time varies significantly across the states.
“Looking at all auctions held over the year, Tuesday at 5pm is the best time to sell. However in Adelaide and Melbourne, it may also pay to look at Friday night,” she said.
“In Sydney, it is Sunday morning and in Brisbane it is Monday night. Perth is the only market where a standard midday Saturday auction would yield the most active bidders.”
Meanwhile in Victoria, the Ray White Lara office has also embraced a less traditional time to conduct their weekly hybrid in-room/online sessions.
The office holds their hybrid in-rooms on a Tuesday at 5pm, which has led to some impressive results and hosts of bidders either tuning online or on site depending on restrictions.
Ray White Lara principal Jo Boothroyd said they chose to schedule the bulk of their auctions on a Tuesday because they felt the properties were fresher in buyers’ minds.
“Tuesday evening has been working really well for us,” Ms Boothroyd said.
“We like to do Tuesday auctions because people have usually been through the house on the weekend and it’s still fresh in their mind. It also puts our properties ahead of some other homes that may be going to auction later in the week.
“We find that Tuesday is very convenient for most people too as they usually don’t have other commitments. Once you get later in the week, other things start to get in the way and attendance can begin to slip.”