News & Media
Auctions Popular In 2013
24 Jul 13
Were you paying attention during the auction section of your real estate training? Because new data shows that the number of auctions around Australia is on the rise.
In a new blog post from RP Data researcher Cameron Kusher on the number of properties that sold in the first quarter of 2013 via auction, a sharp rise in auction sales has been noted.
During the course of your real estate career it's likely that you will both attend and run numerous auctions successfully and unsuccessfully, but it's important to note what the current trends are in auctions around the country and in South Australia in particular to help you gauge whether making that decision will work best for you and for home buyers and sellers.
Mr Kusher noted that on a week-to-week basis, so far this year there have been 1,445 auctions, whereas the same period last year saw an average of 1,334 auctions per week. Compared to 2011, there we just 1,384 auctions per week for the same period nationally.
Not only are there more auctions occurring every week, the likelihood of a home selling this was has increased from a 50/50 chance to a 60/40 chance.
"With a rising auction clearance rate it is interesting to look at the proportion of successful auction sales across the combined capital cities, compared to sales by private treaty. Over the first quarter of the year, 14.3 per cent of all sales across the combined capital cities were transacted by auction," Mr Kusher explained.
Mr Kusher notes that while the numbers of auctions are on the rise, it's still important to remember that the majority of homes are not sold this way and sale by private treaty remains the preferred method.