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Data reveals best month to auction property

Data reveals best month to auction property

by Simon Parker 0 comments

Staff Reporter

New data suggests the best month to sell a property by auction in NSW during 2012 was in September.

“Across NSW 2,233 properties were reported as being up for auction in September 2012, with a clearance rate of 62 per cent,” Real Estate Institute of New South Wales (REINSW) president, Christian Payne, said.

“Spring is a time of renewal in the property industry. The warmer weather means people can really show off the positive parts of their homes and many are ready to pound the pavement to look for a new place to live.

“Importantly from a buyers perspective they are able to take possession of the property well before the Christmas and New Year period if they take a standard 42-day contract.

“The government’s decision to cut first home buyer incentives for existing property from 1 October 2012 may also have played a role in the solid clearance rates for September.”

While April had more properties up for auction – 2,241 – less properties were sold in the month than in September, resulting in a lower clearance rate of 58 per cent.

The figures showed the worst time of year to sell a property was over the Christmas and New Year period.

“It’s no surprise the least popular time of year to sell a property was during the festive season,” Mr Payne continued.

“There were just 217 properties up for auction in January 2012, with a clearance rate of 76 per cent and December saw only 1,110 properties up for auction, with a clearance rate of 61 per cent. But these figures aren’t really an indicator of how the market was performing, as these months always see far fewer auctions.

According to the data from REINSW, overall in 2012 there were more than 20,000 auctions in NSW with a clearance rate of 62 per cent. The total value of properties sold was almost $8 billion.

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Data reveals best month to auction property
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