Auction Wrap Up – 3 October 2016
Auction activity slowed down for the long weekend, with only 399 auction listings around the nation. This figure, equating approximately one fifth of the previous weekend, was the lowest since Easter.
With many buyers away for the weekend, demand was also weaker compared to previous weekends. Consequently, the auction clearance rate declined to 75 per cent on Saturday, representing a decline of almost four percentage points.
Activity will resume in the coming weekend with almost 1,900 listings around the nation; a similar number is also expected for the following two weekends.
Activity grounded to a halt on the weekend as crowds traded their real estate fix with their football passion. Interestingly, by Saturday morning, 52 listings remained on the board.
Despite the small number of bidders, the city recorded the very high clearance rate of 87.1 per cent. This figure, however, is likely to fall as more results are collected.
Activity will pick up in the coming weekend, with 926 listings currently on the board; a similar number to the pre long weekend Saturday. Numbers look even stronger for the following weekend. With that said, we continue to notice a 20 per cent drop compared to the corresponding weekends in 2015.
Despite the long weekend, 263 properties were listed for auction in the Harbour City, equating to approximately one-third of previous Saturday’s listings.
The high auction clearance rates recorded in previous weekends dropped by five percentage points to 76.6 per cent as many potential bidders left the city for the weekend. The clearance rate will be tested on the coming weekend with the number of listings remaining below the 719 recorded on the pre long weekend Saturday.
The coming weekend has 641 properties scheduled to go under the hammer. Currently, October weekend numbers are not expected to exceed 700, representing a year-on-year decline of approximately 30 per cent.
Auction Clearance Rates
Week ending 1st October 2016