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Weekend Auction Wrap: Auction volumes surge higher

Hot on the heels of Australia’s top auctioneers showcasing their stuff at the Australasian Real Estate Institutes’ Auctioneering Championship, it was another strong weekend of auctions around the country, highlighted by a huge surge in the number of properties going to auction.

The auction clearance rate in both Sydney and Melbourne dipped slightly, with Sydney recording 79.7 per cent and Melbourne 77.1 per cent according to the latest data from CoreLogic, while the national rate ended up 75.3 per cent.

However, the number of properties going to auction jumped 33.5 per cent across the country up to 2,610.

After an extended period, where we’ve had low stock levels and rampant buyers, it appears the sellers are finally starting to get on board.

Justin Nickerson (QLD/Canberra)

It was a huge week for Elite Agent commentator Justin Nickerson, who not only oversaw some strong results but also took out the title of 2019 Australasian Real Estate Institutes’ Auctioneering Champion.

“We had a really strong weekend, with the highest number of registered bidders we’ve had all year, and also the highest attendences while the clearance rate was pretty strong.

“We had one auction that had 22 registered bidders and two auctions that had over 100 people at them, which can play with the averages a little bit.

“But we found that there was strong bidding on most of the properties. And if they didn’t sell it was really just that the sellers were being too optimistic rather than a lack of interest.

“I think it’s a fair market in Queensland at the moment. If you are reasonable on your price, you will have buyers there.”

Stu Benson (NSW)

Stu Benson of Benson Auctions saw another great weekend with an 80 per cent clearance rate, which was ahead of the Sydney average.

“Up in the North West of Sydney, I sold 8/10 under auction conditions which, percentage-wise, reflected a mirror image of Sydney’s overall performance.

“As is often the case throughout the course of a Saturday, intel was being SMS’d around the grounds, with tales of big crowds and competitive bidding a constant theme.

“A standout result for me was a house that was passed in at 10am due to its only bidder believing that by not registering to bid they were swinging the pendulum of negotiation power back in their direction.

“It was only once they realised that their ability to transact on Saturday was their advantage that they did the deal at 6pm that night.

“Had they allowed the property to re-enter the open marketplace come Monday via Private Treaty, they would have entered a whole new level of competition. With good stock still in low supply, it’s an important case study for buyers to take note of.”

David Holmes (Canberra/QLD)

David Holmes saw another good weekend in Queensland and also made it into the finals of the Auctioneer of the Year.

“The weekend was really good in Brisbane. What I’ve been liking is the crowd sizes are really good at the auctions, and people are bidding without prompting on the day.

“We had some great results over reserve. One had nine registered bidders. Overall they all had good attendences and active bidders, which is pleasing.

“I think a key thing over the next couple of weeks is going to be people trying to get in before Christmas, and that will naturally drive some good results. We are now starting to see people motivated for early next year.”

Luke Banitsiotis (Victoria)

Luke Banitsiotis had a quiet weekend with some poor weather but personally had a great week, by making the finals of the Auctioneer of the Year.

“We had the one auction this weekend and had about 10 people with four of those becoming bidders.

“The weather was inclement in Melbourne over the weekend and generally when that happens you only get the serious ones out and we had four active.

“But we are noticing that we are starting to see some more stock out there now.

“The markets aren’t vulnerable, but I think it’s spreading some buyers across B and C grade properties a little bit thin. A grade property is still going absolutely gangbusters, but your B and C grade, because there’s a bit more choice, people are spreading themselves a little bit thin.

“It feels like the stock is coming, I still think the markets going to be OK, but I think a few properties might need a bit of work to get them sold.

“For your good top-level properties though, the market is pretty much back at 2016-2017 pricing.”

Gavin Croft (Sydney)

Gavin Croft had another huge week in Sydney with a near-perfect result.

“BresicWhitney held 19 auctions this week, 18 sold giving a weekly auction clearance rate of 95 per cent and an average of five registered bidders per auction.”

2019 Australasian Real Estate Institutes’ Auctioneering Champion

Three of Elite Agent’s commentators – Justin Nickerson, Luke Banitsiotis and David Holmes made the finals of the Real Estate Institutes’ Auctioneering Championship.

Justin Nickerson was named champion for 2019.

Real Estate Institute of Australia (REIA) President Adrian Kelly said the event saw fierce competition with one of the most highly-acclaimed auctioneers in the history of the championships stepping up to claim victory.

“Justin went back to back in 2016 and 2017 and his win in 2019 has equalled the record of New Zealand’s Mark Sumich for the most amount of titles.

“He is also a four-time winner of the REIQ Auctioneer of the Year award and his understanding of the auction process give him the upper hand,” Mr Kelly said.

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