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Auctions have delivered results for sellers recently, which is why a leading auctioneer has encouraged sellers to put their property under the hammer early next year.
Ray White had its best month in November, with strong auction clearance rates in Sydney.
In October and November, the Harbour City had a clearance rate slightly higher than 70 per cent, with more than a quarter of homes sold before the auction.
“Anyone looking to put their house on the market should make it their new year’s resolution to sell their property under the hammer,” Ray White NSW chief auctioneer Alex Pattaro said.
“The stats speak for themselves. We had an average crowd size of nearly 50 per auction in October and November, with an of average 5.9 registered and 3.1 active bidders at each auction.”
Prices are expected to continue to increase, and with these figures, Mr Pattaro does not see a better option for those who want to sell their property in Sydney.
“The Sydney market has more than turned the corner, and you can see buyers not wanting to allow properties to make it to auction day for fear of missing out,” he said.
He pointed to the general election results, interest rate cuts and banks loosening loan restrictions as reasons the Sydney market has bounced back. And he expects that momentum to continue in 2020.
“Stock levels are beginning to rise again, but the fact is there are more buyers than sellers on the ground, so potential vendors need to hop off the fence and take advantage of the major opportunity being afforded to them in early 2020,” the chief auctioneer said.
“Momentum is a powerful thing, and you can feel it gaining and gaining week on week — even as we edge towards Christmas — the runaway train is ploughing straight into the new year with no signs of easing up.”
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