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Spring has brought with it a bump in auction results for leading group, Ray White.
The group’s weekly clearance rate has been hovering just under 60 per cent for the last month but last week, it finally crossed over to 61.2 per cent for the first time in 12 weeks. And last week, the Ray White Group scheduled 601 auctions, that is the highest it's been in seven weeks.
Bidder numbers were low last month but the number has begun to increase with 4.3 bidders on average per auction last week. Average active bidders are also trending upwards as an average of 2.7 bidders actively participated in a Ray White auction last week.
After dipping in August, the gap between the highest offer prior and under the hammer sale price has begun to widen and last week, sellers could expect 12.6 per cent more on their sale price on average if they held out to game day and sold under the hammer. This has also coincided with the rate of listings selling prior to their auction date, which has begun to decrease after hitting a 16 per cent high a few weeks ago, it has now come down to 13.8 per cent.
However, listing authorities are down more than seven per cent on last year meaning buyers will have less to choose from.
While nothing can rival last year’s heated market, despite less new stock to choose from compared to last year, the group’s increasing auction metrics are pointing to a solid spring.
