Biggest week of 2016 posts giant clearance rate

Biggest week of 2016 posts giant clearance rate

22 Mar 2016 By: Greg Hocking 0 Comment

Australia has just delivered its biggest auction week of 2016. A massive 3,519 residential properties went to market, more than any other seven-day period since the last week of last November when 3,729 addresses faced the auctioneer’s hammer.

Melbourne – as we always do – led the way with 1,784 scheduled auctions producing 1,551 property sales and a 72.3% clearance rate; a huge signal of our market’s  strength.

This weekend’s results also highlight other states taking more properties to auction – Sydney just hosted more than 1,100 auctions and Brisbane, just shy of 300.

That’s a huge nod to our city’s highly effective and preferred method of selling homes – the fair and open public auction.

According to CoreLogic RP Data, this scale of auction activity has been driven by two factors.

The recent Labour Day public holiday in four of the eight states and territories and the fact Easter and its associated public holidays will come early this year (next weekend) has resulted in property owners scheduling their auctions for either of the two non-holiday weekends in March.

Vendors are understandably keen to secure autumn sales and capitalise on current bumper selling conditions.

If you want to get your property listed for auction before winter, give my team a call today.

Greg Hocking head shot 200_200

Greg Hocking

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