The influence that weather has on an on-site auction's success may not be as strong as expected, despite anecdotal research suggesting good weather can boost the chance of a sale by up to two and a half times.
A recent study by Jason Andrew Auctioneers (JAA) of a sample of autumn property transactions suggested that good weather can deliver a much higher chance of a sale.
But despite the South East Queensland weather being particularly bad last week, JAA reported healthy crowds of buyers, with a dramatic spike in the number of bidder registrations and a strong clearance rate of 44 per cent based on 36 auctions.
The JAA group reported an average of 2.03 registered buyers per auction last week, significantly higher than the year-to-date (YTD) average of 1.5 and the previous week’s result of 1.49. Additionally, the percentage of those registered actually making a bid rose slightly to 55 per cent from 54 per cent in the previous week.
Overall, JAA's year to date clearance rate (YTD) is sitting at 48.3 per cent compared to the 2011 YTD clearance rate of 29.6 per cent.
Director Jason Andrew said last week’s results are particularly encouraging when viewed in the context of the recent study considering the impact of weather on clearance.
“The outcomes of the historical study on weather were incredibly interesting, but last week’s results only serve to highlight that the property market is largely unpredictable and perhaps more resilient currently that some may have thought,” Mr Andrew said.
Kate Lumby, director and auctioneer at MyAuctioneer, acknowledged that the marketplace in Queensland has been drastically affected by the recent floods.
Yet she said a motivated buyer was unlikely to let weather get in their way.
“Generally speaking in relation weather at an auction, be it sunny, cloudy, hot, cold, or raining, serious buyers who have done their due diligence, inspected the property a number of times, carried out any necessary inspections for example building, pest, strata and have their finance approved will turn up to bid and buy the home they want,” she said
“If the auction is onsite we simply hold the auction in doors if it’s raining. Leading agents are always prepared for weather conditions and have a plan in place for auction day.”