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McGrath Estate Agents says the current listings crisis can be offset by a simple activity in the year ahead, as the 2017 autumn season gets ready to kick off.
McGrath chief auctioneer Scott Kennedy-Green says while overall listing activity remains lower across the industry, McGrath auctions continue to increase year-on-year across the network.
“This reinforces our view that the auction process is still the preferred method of sale,” he said.
“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.”
To date, McGrath has scheduled 542 auctions in February 2017 across its network, compared to 517 for the corresponding period in 2016.
In Sydney metro, 349 auctions are slated for February 2017 versus 344 conducted in February 2016.
The busiest areas for its company-owned offices are:
- Eastern suburbs – 66 auctions
- North-west – 37 auctions
- Inner west – 34 auctions
- Upper north shore – 22 auctions
Twenty-three McGrath properties went under the hammer in metro Sydney in the 4 February weekend and record a 91 per cent clearance rate.
The highest price a property fetched was a four-bedroom home in Chatswood, which was sold for $2.33 million by REB Top 100 Agent Brent Courtney.
The $750,000 to $1.5 million bracket for Sydney metro achieved an 82 per cent clearance rate from 11 properties, while the $1.5 million to $3 million bracket achieved a perfect score, selling all seven properties under the hammer.
Mr Kennedy-Green said 25 February will be the busiest auction Saturday for the month, with 214 auctions – including 146 in metro Sydney – scheduled so far across the network.
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