Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Bumper selling weekend ahead: RP Data

23 October 2009 Reporter

Real estate agents are gearing up for a bumper selling weekend, with more than 1,670 auctions scheduled.

According to RP Data’s national research director Tim Lawless, the number of auctions is one of the highest on record, and if auction clearance rates are anything to go by, more than 70 per cent of the listed properties could be sold under the hammer.

Mr Lawless said the national weighted auction clearance average has been sitting above 70 per cent for the past 15 weeks.

“When clearance rates are high we can assume that there is a healthy level of optimism among buyers and that vendor expectations about the value of their property is aligned with buyer expectations,” he said.

Advertisement
Advertisement

Around Australia, clearance rates have more relativity to some markets than others. Melbourne and Sydney markets collectively represent 85 per cent of the nation’s auctions each week.

At the capital city level, auctions as a method of sale are most popular in Melbourne, where 29 per cent of homes advertised for sale are auction listings. This represents more than double the national average of 14 per cent.

At the other end of the spectrum, auctions in Perth and Hobart are the exception with less than 3 per cent of homes being sold under this method.

Bumper selling weekend ahead: RP Data
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.