McGrath reports strong auction results

McGrath Estate Agents has recorded an overall clearance rate of 82 per cent from 122 auctions in NSW, Victoria, Queensland and the ACT over the 11 February weekend.

Eighty-five auctions were held in the Sydney metro area, with a clearance rate of 87 per cent.

McGrath’s company-owned offices in the eastern suburbs, inner west and northern beaches achieved a 100 per cent clearance rate, chief auctioneer Scott Kennedy-Green said.

“We saw increased activity with multiple registrations and strong results through most price brackets,” Mr Kennedy-Green said.

“In particular, the $750,000 to $1.5 million bracket saw a 94 per cent clearance rate from 48 auctions and all three properties above $3 million sold.”

McGrath earlier said the fall-off in listing volumes across the industry can be offset by increasing auction activity.

Mr Kennedy-Green said McGrath’s auction results are evidence that the auction process is still the preferred method of sale for most Australians.

“Particularly as vendors are keen to take advantage of the lighter volumes we are currently experiencing and are drawn to the competitive bidding that is often evident at auctions,” he said.

Meanwhile, the latest CoreLogic Weekend Market Summary for the same period shows that the combined capitals recorded a preliminary auction clearance rate of 76.6 per cent last week, up from the week prior when the final clearance rate dipped to 68.7 per cent.

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