Auctions: “market shows no signs of slowing down”

 Auctions: “market shows no signs of slowing down”

36 Eglinton Rd, Glebe sold at auction for more than $3 million.

Larger than average crowds and motivated bidders led to significantly stronger auction results nationwide across the weekend.

New South Wales was one of the busiest states, with nearly 700 auctions taking place across the state over the weekend and an impressive 91 per cent clearance rate. But it was Victoria that took the crown for the number of auctions, with more than 800 homes sent under the hammer over the two days with an 87 per cent clearance rate.

The results are sure to leave many sellers happy, with auction sale prices an average of 12 per cent higher than the best previous offer.

Ray White NSW Chief Auctioneer Alex Pattaro says the market shows no signs of slowing down.

“There were reports earlier in the year that higher stock levels may affect their clearance rate, however this weekend’s clearance proves anything but,” Alex says. “The apartment market continues to shine with agents reporting higher enquiry and buyers at opens for inspections are still in strong numbers. Good family homes in desirable areas are selling well, and family buyers continue to dominate the market.”

In the Sydney suburb of Glebe, a 1911 Federation home sold for $3.425 million to local buyers, in a result Ray White agent Matthew Carvalho describes as huge.

“Bidding started high at $2.9 million and knocked out half of the 12 registered bidders,” he says. “There has been massive interest in the property, in this area the market is still firing.

“We had a solid day across the board, with strong numbers at opens and across all types of stock and price points. We have seen no change in the buyer appetite, they are still hungry.”

Ray White Victoria Chief Auctioneer Matt Condon onsite in Victoria over the weekend.

South Australia saw equally aggressive bidding, with an average of 10 registered bidders per lot across 63 auctions. Meanwhile, Tasmania only had one auction, in West Ulverstone on the central coast, which successfully cleared at $650,000 for a three-bedroom house.

Ray White Victoria Chief Auctioneer Matt Condon says Victoria’s results post-covid have been serving as a reference point for the rest of the country.

“It is great to be able to report that this increase in volume was met with equal demand from buyers… we saw a strong average registered and active bidders across all auctions on the ground,” he says. “The exceptional weather brought out big crowds in force, creating an exciting and competitive atmosphere at auctions.

“Buyers were bidding competitively and strategically to secure their desired property even once properties were announced on the market and selling, we continued to see competition past that point.”

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