The Real Auction Story
LJ Hooker has recorded a 23% year-on-year lift in properties to be auctioned for the first week of spring in a sign that winter’s heightened auction activity will continue into the peak selling season.
The spike in year-on-year auction activity follows 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 Domain article earlier this week. 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 set to go under the hammer nationally this weekend.
“It’s clear that sellers are confident the success of winter will carry on in to September across all markets.”