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Bidders prepare for Super Saturday

By Ryan Ellem on Oct 25 2017


LJ Hooker records near 40 per cent increase in auctions

A bumper Super Saturday of auctions is scheduled for this weekend, with the LJ Hooker network reporting a 39 per cent week-on-week increase in properties it’s putting under the hammer.

From a five-bedroom beachfront escape in the red-hot market of Byron Bay, to a one-bedroom apartment in Campsie, LJ Hooker will be presenting the spectrum of properties this weekend to owner-occupiers and investors.

The push by vendors to sell now has seen many auction auctions scheduled for Sunday, which LJ Hooker’s National Auction Manager David Holmes said would continue throughout November.

“There’s been such a demand for a Saturday auction slot that many auctioneers have had to make themselves available now on Sundays, too,” said Mr Holmes.

“Activity is rising in varying property markets, but this weekend we’re seeing heightened activity in Sydney’s Inner-West and Northern Beaches.

“The appetite for auctions in the ACT and Queanbeyan has continually risen throughout spring.”
Mr Holmes warned buyers and sellers shouldn’t be viewing auction clearance rates as the sole benchmark for market sentiment.

Nationwide, 18,349 properties sold at auction in the last quarter, which was a 14 per cent increase compared to the September quarter last year (16,147).

In Sydney, there were 9,968 auctions over the same period this year, compared to 8,249 for the same period in 2016.

While the average daily auction clearance rate dropped from 76 per cent to 69 per cent over the period year-on-year, more homes sold under the hammer in Q3 this year (6,678) than the same period last year (6,517).
“The auction clearance rate doesn’t represent the number of sellers actually achieving success in the lead-up, on the day, or immediately after the auction,” said Mr Holmes.

“The danger in reading the auction clearance rate is most evident in Melbourne, where the clearance rate has dropped from 75 per cent to 73 per cent year-on-year for Q3, despite there being almost 2,000 more homes sold at auction.”
 

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