Elite Agent

Weekly Auction Wrap: The buyers keep coming as spring arrives

The traditional spring selling season has officially begun, but it’s still the buyers who remain in control at auctions around the country.

This weekend saw Sydney finish with a preliminary auction clearance rate of 83.1 per cent while Melbourne was also higher at 76.6 per cent.

Nationally, the clearance rate was an incredibly strong 77 per cent. However, the number of homes going to auction remains lower than this time last year, down around 20 per cent across the board.

Alex Pattaro (Ray White)

Ray White NSW Chief Auctioneer, Alex Pattaro, said spring selling season was well and truly in full swing.

“Offices in the Ray White network are reporting significantly higher open for inspection numbers – being compared to the market we saw three years ago.

“Buyers and investors are starting to venture out of Sydney to areas like the Central Coast and the Illawarra region where auction activity and competition has rapidly increased,” he said.

“We are seeing a higher influx of off-market sales or silent sale stock creeping back into the market and this is certainly an area to watch over the coming months.”

David Holmes (Canberra/QLD)

David Holmes from Metro Auctions, saw strong buyer interest and high bidder numbers across the board.

“Canberra was very buoyant for me this week with some properties selling prior and a great result over reserve with all auctions having multiple registered bidders.

“Brisbane and Gold Coast attendances were OK, but we are still seeing buyers experiencing some hesitation when it comes to the bidding.

“A common theme is that well-presented properties are attracting greater audiences whilst less buyers seem interested in flipping or renovating unless the property is dramatically under market value.”

Gavin Croft (NSW)

Gavin Croft had another strong weekend in Sydney with an incredibly solid clearance rate once again.

“It was a 100 per cent clearance from BresicWhitney this weekend.

“We had the 15 auctions this week. Fifteen sold, giving a weekly auction clearance rate of 100 per cent with an average of 3.5 registered bidders per auction.”

The highlight for the BW team was a four-bedroom home in Ryde selling for $1,852,000, with a number of others selling prior.

Stu Benson (NSW)

Stu Benson from Benson Auctions had a front row seat to the strong weekend across Sydney.

“Sydney officially ushered in the 2019 Spring selling season with another weekend of clearance rates above 80 per cent, with many suburbs performing well over 90 per cent.

“There are still plenty of properties selling prior to their auction date too, with some ‘Godfather offers’ being put forward that neither agent nor vendor can say no to.

“With those listings disappearing before auction day, we’re left with even less stock, fuelling greater competition. I haven’t seen a return to form like this since Winona Ryder in ’Stranger Things’ – who knew?”

“Realistically, who knows where things are headed. Agents need to be running four-week auction campaigns, meeting as many buyers and sellers as possible, growing their databases, and promoting themselves before, on and after auction day. The only thing I’m certain of is that you will future proof your business via auction.”

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Rowan Crosby

Rowan Crosby is a senior journalist at Elite Agent specialising in finance and real estate.