The two main things that affect Auctions aside from general market conditions seem to be; weather, and holidays.
It has been evident this year, at least, that when we have bad weather or holidays Auction numbers are down and in turn Auction clearance rates are down.
Of course, if somebody wants to buy a home, a bit of rain wont stop them, right?
However, the psychology behind an Auction would be based upon competition, or at least the perception of competition.
The weekend that was, saw some fantastic weather, some of the best we have had since early Autumn, could this have an impact on the clearance rates being back down at 80%?
The week prior we saw 83% which was up on the week before that, so it is evident we are starting to see a wobble in Auction clearance rates but we must remember that 80% or above is still a fantastic rate for property to be clearing at auction. That’s 4 out of 5 properties clearing under the hammer successfully.
There was originally 715 properties listed to go to Auction with 553 making it at the weekend with 470 reported to have been sold under the hammer.
Another interesting thing to note, is that the median price of property cleared under the hammer at the weekend was $980,000.
Thomas Merriman.
Thomas Merriman 