More houses going under hammer as sellers become more confident
A counter-seasonal trend of more homes coming to market has began to emerge as sellers test buyer appetite, which is underpinning strong auction results.
Rising property prices is helping bolster the number of homes being offered under the hammer as sellers become more confident.
A total of 1581 homes were offered at auction around the country over the weekend, with the preliminary clearance rate from CoreLogic showing 72.3 per cent successfully sold.
It is the 11th week in a row sales rates have remained above 70 per cent, despite the number of homes coming to market rising, which CoreLogic’s research director Tim Lawless said was a show of market resilience.
“The volume of auctions and the volume of listings coming in the markets are highly seasonal,” he said. “That probably does reflect more homeowners who are thinking about selling are taking advantage of very low stock levels, what seems to be quite strong selling conditions and this return and price growth, and maybe fast tracking their decision before Spring, where selling conditions may be more competitive.”
Preliminary success rates were largely on par in Sydney (74.9 per cent from 600 homes) and Melbourne (74.3 per cent from 636 homes). Exactly 60 per cent of the 57 homes offered in Canberra over the week were sold at first count, just beating out Brisbane (59.8 per cent from 102 homes).
Figures from national real estate agency Ray White showed 4.7 people, on average, registered to bid at auctions held by the company over the weekend, with 2.9 bidders raising their hand to offer.
Ray White Queensland chief auctioneer Gavin Croft said high bidder numbers and low stock might raise seller expectations. “Vendors are seeing the best of the market, which should give them enormous confidence … and choose to sell via the auction method with the volume of registrations and the interest we’re seeing in the market.” It estimates auctions are netting 12 per cent more under at auction than if they had sold during the campaign.
More Coverage
Rising productivity loss from early Alzheimer’s diagnoses
Lost productivity has outstripped the cost of aged care as the biggest price paid for from Alzheimer’s in Australia – but it shouldn’t have to be this way.
‘Not hateful, passionate’: Greens defend candidate’s vile posts
An ACT Greens candidate has admitted to taking MDMA, expressed strident anti-Israel views and called for politicians to be hanged ‘in the street’ in a series of social media posts, placing the far-left party under greater scrutiny.