How are the auction markets performing?
As auction markets begin to ramp up for 2018, we’re seeing plenty of property go under the hammer. So, how have the markets performed thus far? We've taken a look at the latest results.
After the traditional slowdown in January, auction markets have once again started to heat up. Corelogic’s national reporting for the weekend of 10-11 February 2018 shows more than 1,400 properties went under the hammer, returning a preliminary clearance rate of 67.7 per cent. That is a healthy increase from the week before where we saw 62 per cent clearance across 790 auctions.
Whilst initial figures are trending below 70 per cent nationally, it is not uncommon to see clearance rates at this level during February. Markets are expected to continue to improve as we move towards the busier selling season of autumn.
The year started off particularly strongly for Belle Property auctions. Our first week of auction reporting (3-4 February) returned a clearance rate of 73 per cent – a very respectable figure. For the weekend of 10-11 February, the national clearance rate for Belle Property increased to an impressive 82 per cent.
These early signals can give confidence to homeowners that property is still being hotly contested, particularly when it’s well-positioned by the agent throughout the marketing campaign.