How did the markets perform on the first weekend of spring?
We keenly watched the auction market over the first weekend of spring and whilst the industry’s national clearance rate hovered around the 70 per cent mark, Belle Property’s auction results reached 81 per cent, a strong signal for the start to the biggest selling season of the year.
More than ever, people are discussing the state of property markets and comparing today’s results to the same time last year. The national auction clearance rate is lower (at 70 per cent) than it was on the first weekend in September 2016 (at 77 per cent), however, more properties went to auction this year with 2,060 properties going under the hammer compared to 1,899 at the same time last year.
Despite Belle Property’s impressive auction clearance rates, there is a consensus that results overall are softer than what we saw in 2016. But as our CEO, Peter Hanscomb explains, that’s to be expected: “Of course it’s weaker than last year, we’re in a different market. We know we’re experiencing different market conditions to last year, but that doesn’t mean that we’re in a bad market today. Properties that are properly marketed and professionally represented are selling.”
Echoing those comments was our Chief Auctioneer in NSW, Andrew Robinson who sold five properties under the hammer last weekend, all of which had at least four active bidders contending for each home.
“Buyer’s are becoming more selective, but they’re prepared to compete for good property. The properties I sold over the weekend were all styled, marketed comprehensively and were realistically priced, based on agent feedback throughout the campaign. That’s the combination that will get you a strong sale this spring,” Andrew explained.