According to RealEstate reports, data from PropTrack reveals that out of the 629 properties reported last Saturday, 59.3% had already been transacted before going under the hammer.
In comparison to the last weekend of spring last year, there has been a significant increase in pre-auction sales this year. Over the past year, nearly half of the properties were sold before their scheduled auctions, whereas less than one-third of homes were transacted before auctions on the last weekend of spring last year.
Surprisingly, with only thirty days until Christmas, the number of properties going to auction continues to rise. Jeremy Tyrrell, the Chief Auctioneer for Ray White Victoria and Tasmania, noted that the real estate market hasn't slowed down before the holidays.
He mentioned that a total of 265 scheduled auctions took place this week, an increase from the 254 auctions the previous week, with a substantial year-on-year growth of 33% in transaction volume. This is good news, indicating that despite a slight decline in clearance rates over the past few weeks, buyer sentiment remains strong and active, and auction volumes are not decreasing. Approximately 80 auctions are set to take place from now until Christmas.
Cameron Way, the Director of Auctions at Blackburn, also observed this trend. He pointed out that his company achieved a 100% clearance rate in Saturday's auctions, with an increasing number of buyers looking to finalize deals before the auction.
Way said, "We had 25 groups through an auction in Blackburn South on Saturday, with half of them inquiring about purchasing before the auction."
He added, "Christmas is approaching, and some people want to secure a property during the festive season."
An example from the recent auctions is a property located at 2/13 Esdale St in Blackburn, which sold for $247,000 above the expected price. The three-bedroom apartment, with a market value of $1.07 million, ultimately transacted at $1.317 million. Three buyers competed eagerly for the property, showcasing their urgent need to complete the property purchase before Christmas.
