Indicators point to a bumper spring
Spring has been set up as a busy selling season with LJ Hooker opening more offices in more marketplaces to cater to growing demand from sellers, buyers, landlords and tenants.
In the opening week of spring, LJ Hooker’s network recorded a 23% year-on-year lift in the number of properties going to auction – an encouraging continuation of winter’s heightened auction activity.
The spike in auction activity followed an outstanding winter auction season. Contrary to recent media headlines, sellers are finding more success at auction this year compared to last. This is highlighted by data published in a recent Domain article, which showed:
• 7,795 Sydney properties were taken to auction in winter this year compared to 5,785 in 2016 (35% increase);
• 5,503 properties were sold either before, on the day or immediately after auction in the Sydney catchment, compared to 4,483 for the same time last year (23% increase).
Heading into the first weekend of spring auctions, LJ Hooker’s National Auction Manager David Holmes said momentum for the sales method continued to rise.
“In Australia’s biggest marketplace, we witnessed a year-on-year increase of more than 20% in the number of sellers finding success at auction over winter, compared to last year,” said Mr Holmes.
“But as our expanded auction program shows, the appetite for auctions is not confined to Sydney, with a 23% increase in the number of properties going under the hammer, nationally, across the opening weekend of the peak selling season.
“It’s clear that sellers are confident the success of winter will carry on throughout spring in many markets.”
Auctions are a popular method of sale for sellers seeking a premium result in a timely fashion. The auction day is typically the culmination of an intensive four-week marketing campaign which provides buyers with a deadline to put forward their best offer. Offers can be received either before the auction, on the day through bidding, or in post auction negotiations.
Auctions are also the most transparent way to sell property, allowing the marketplace to determine the true worth of a home.
Answering the heightened interest in property caused by the arrival of spring, LJ Hooker has welcomed more agencies around Australia. Since the start of spring, new, full service agencies have opened in Dapto, Nowra, Rockdale and Wauchope (NSW), Plympton (SA) and Mermaid Beach and Mackay (Queensland) and Grantville (Victoria).
LJ Hooker will continue to open more agencies as the weather warms around Australia, providing more marketplaces with expert, on-the-ground real estate guidance to make sure their next property decision is the right one.