Auction Competition Creators

In a recent introductory analysis, Chief Auctioneer of Ray White Victoria & Tasmania, Matthew Condon, has provided some wealthy insight into auctions as a method of sale. 

Here are some take aways..

Despite the recent noise surrounding the real estate landscape, it is important to note that if a buyer sees value in a property, they will bid and buy.

In July, Ray White Victoria & Tasmania had 703 auctions scheduled with a clearance rate of 67%.

Observing buyer activity, an average of 3.2 confirmed and 2.3 active bidders per auction. Though slightly less metrics than previous months, it was promising to see that 87.6% of all auction properties in July experienced bidding activity.

Reminding us that when buyers are arriving at auction, they’re researched, ready and bidding with confidence to secure their desired property.

It has been observed that properties that were priced in line with market expectations experienced more inspections, bidders and ultimately a better result on auction day.

Over the last 90 days, auction clearance rates proved to be significantly higher than that of private treaty campaign. As a group, it’s these types of markets where we display our strength. The ability to create competition is in our DNA and it’s great to see our members continue to refine the auction method of sale to address the changing market conditions.

Here are some interesting statistics from the analysis.