What happened on the biggest auction weekend of 2017?
The last weekend in October saw a record number of auctions held, with 3,690 properties going under the hammer across the country.
Corelogic’s preliminary data shows that just shy of 68 per cent of properties sold on the busiest auction weekend we’ve seen this year and many industry commentators said first home buyers and upgraders were the most active buyer pools.
Those who did purchase over the weekend – particularly those buying higher-end and entry level properties - saw an increase of stock. Buyers with a large deposit who were seeking principal and interest loans were also given a variety of fixed and variable offers from lenders which included interest rates below 4 per cent, cash incentives and reduced fees.
And whilst many people mark the start of November as the end of the “big” auction weekends and the beginning of the countdown to Christmas, we can still expect to see plenty of quality property selling throughout the next two months.
At Belle Property, we were encouraged to see our national auction results for the week ending 29 October perform 19 per cent above the industry standard. In fact, our average clearance rate across October sits at 81.5 per cent – a very encouraging number.