Time to sell is now as buyer confidence flows at auctions

BUYERS have flocked back to the auction market today as a number of standout sales for the Ray White Group signaled that buyer confidence was back and the time to sell really was now.

The leading auction house booked a preliminary clearance rate of 73.3 per cent, with Melbourne stealing the show with an initial clearance rate of 72.2 per cent, with Sydney not far behind on 70 per cent.

Ray White Group Managing Director Dan White said the preliminary clearance rate represented a fantastic result in any market.

“Despite all the speculation, we prefer to talk to our customers about what is happening now. The fact is, this month, we’re on track to have more registered bidders per auction than we’ve ever had,” Mr White said.

“We’re averaging 4.6 registrations nationally, with Sydney at 6.5, and Melbourne at 5.1.

“So far in May, our national auction campaign clearance rate sits at 53 per cent, which is only marginally down from the 57 per cent recorded in the peak 2019 spring selling season.

“Some of our vendor customers will be more concerned about future risks than others. For those who are concerned, now is an opportunistic time to take advantage of the low supply of property for sale, and the strong demand from buyers.”

Ray White NSW Chief Auctioneer Alex Pattaro said today was arguably one of the strongest auction Saturdays he had seen since before the COVID-19 Pandemic.

“Buyers are circulating the market in their dozens with one open home today notching up a whopping 54 groups – while adhering to physical distancing requirements,” Mr Pattaro said.

“We’re seeing an average of six registered bidders per auction – with three of them raising their paddles. With competition and such great sales – the shortage of stock really is puzzling.”

Source: https://www.raywhite.com