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The spring market is showing good signs of stabilising with Ray White reporting average registered bidders holding over 4.2 per auction, above its long term average.
In fact there was active bidding on 85 per cent of all auctions across Ray White nationally last weekend, which was one of the best weekends for active buyer activity since the start of the year.
The highest number of registered bidders across Australia last week was 22 bidders who wanted to buy 18 Orlando Place, Edensor Park (pictured below) in Sydney which was sold by Ray White Wetherill Park principal Marcus Biasetto for $1.758 million at a busy auction.
As the auction leader Ray White’s auction data shows that average registered bidders peaked in September 2021 at the height of the boom market with 8.4 bidders per property, and fell as low as 2.1 in January 2019.
Bidders nudged as high as 4.3 per property in March 2020 at the start of the COVID-19 pandemic but largely tracked under four for all of 2019 and 2018.
Source: Average registered bidders across Ray White's Australian network since mid-2018 to today.
Ray White New South Wales Chief Auctioneer Alex Pattaro said there was some stabilisation within the market right now.
“We continued to see a gradual increase of buyer activity across our auctions, laying an exciting platform for sellers who are coming to market in spring. We saw an average of 83 per cent of active bidding across our conducted auctions, as well as a steady increase in registered and active bidders compared to July,” he said.
“Our data suggests that sellers are obtaining a premium result within the shortest period of time with auctions. Some sellers may suggest that they have plenty of time to stay on the market, but the market has taught us that the longer homes sit on the market the less value they become - meaning auctions must be the preferred method of sale.”
Ray White this week has 599 auctions booked across the country, and 355 of them on Saturday alone.
