Well, as many would have expected, the Auction Clearance Results rose again last weekend.
I must admit, I was doubtful as to whether we would see another climb before the warmer weather really kicked in and Spring selling season was upon us.
I read an article at the weekend that included commentary about the Auction Clearance Rates and how it is not worth watching and something along the lines of ‘… it has no bearing on the market’. This type of article, when read practically, may be correct but really, if 4/5 properties are selling successfully under the hammer it proves a few things;
Buyers are turning up to Auction, if it is selling at Auction, there may even be more than 2!
Vendors are getting the price they are after, which often at Auction, is more than first expected.
And, also, Agents have the confidence to take property to Auction, no agent, well, nearly no agent, will take a property to Auction on the back of a bad campaign.
With all that being said, the Auction Clearance Rates were back up at 80% after last weekends efforts – good work Sydney.
Property was clearing at a median of $1,080,000 which is fantastic and we had over $462,000,000 worth of property sell – which is a large haul.
Overall, there was 724 properties listed to go to Auction and 553 reported to have taken place of those, 472 were reportedly sold under the hammer at the weekend.
The article that I read made comment about something that I have mentioned a few times which is, it is often the agents responsibility to answer the phone to certain companies that report Auction results, often the agent is too bust or possibly cant be bothered to either report the result or accurately report the result, giving us an illegitimate reading of the weekends results. The bad things about this is we have little accuracy, the good thing is, it is often in the favour of the results meaning, sales wont be recorded if they don’t happen, it’s the sales that have happened that aren’t reported we miss – so the Auction Clearance Rates may be higher than often reported.
Happy selling, happy buying, ’tis the season.
Thomas Merriman.
Thomas Merriman 