Competitive auctions look set to continue into the winter months

The 2008/09 financial year has certainly been an interesting one for the auction world. A market dominated by first home buyers in 2009 has seen property values in the sub $600,000 price bracket increase rapidly and has proven to be a huge success for those that were taken to auction. In many instances, results have been achieved by more than 20% over reserve in this price bracket which is quite extraordinary. The result of this has seen many property owners trade from being in an apartment to buying a freestanding house or semi.

We have seen competitive auctions and strong results from this influx of buyer activity. Particularly over the past month our results have never been stronger. On the weekend of the 13th June we submitted 40 properties to auction and sold 31 giving us a 77.5% clearance rate, and last Saturday we submitted 20 properties to auction and sold 17, giving us a clearance rate of 85%. One sale of note was 9 Gurner Street Paddington, sold through BresicWhitney Estate Agents, Brigitte Blackman and Dominic Kuneman. The home was listed with expectations of a selling price in the early $2m's and the auction saw multiple registered bidders and an outstanding sale at $2.52m. These clearance rates are some of the best we have seen this year and I believe they are set to continue through the winter months largely due to the lack of stock on the market. (read more)

Have you ever thought of becoming an auctioneer?

Our up coming auctioneers convention on the 3rd August will give you an amazing insight into the auction craft. (read more)

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