Despite months of declining auction activity, one prominent auctioneer has implored others in the industry that proactivity will be the key to navigating the upcoming spring market.
Mark Morrison, auctioneer and chief executive officer of Agency HQ, has urged fellow practitioners that with the spring market just six weeks away, now is the ideal time to begin booking in their auction dates in order to secure the best times for their listings.
Mr Morrison believes initiating this practice is not only an optimal way for auctioneers to indicate their professionalism to vendors but also the perfect strategy to advance their spring pipeline.
He said that even after last week’s slight jump in clearance rates, current figures are still down compared to those seen 12 months ago. Despite this, he firmly believes “auctions are still the most preferred method of selling”.
“It’s a clear performance date and gives the utmost transparency,” he added before explaining that the three ways to use the auction date are to sell prior, on the day or after the day.
Mr Morrison predicts that as we enter the warmer months of spring, more stock will begin to enter the market. From here, with the added competition induced by increased volumes, he believes “it might be a worthwhile idea to shorten a campaign to reduce the risk of buyers losing interest when they see other properties coming onto the market”.
“As the market shifts, so do our strategies. We find buyers and agents generally have strategies they like to follow when choosing a time to run the auctions,” he said.
Mr Morrison concluded that “with more properties than auctioneers in Sydney available on a Saturday, it’s a wise choice to secure your auction date now.
”Even if you haven’t got the listing, at least secure the dates and time in advance.”