How Increased Auction Clearance Rates Benefit You
Over the past 12 months, the property market has seen a lot of ups and downs, but how have auctions recently performed?
The auction clearance rate is strengthening, with the combined rate across capital cities increasing to 55.5 per cent. Compared to the previous quarter, this might mean that the demand for the property market is starting to come back. The improved trend in auction market results proves that housing conditions are stabilising, especially in cities like Sydney and Melbourne.
In Queensland, auctions are not as popular as in southern capital counterparts. That’s why the clearance rate might not always be as high as in other areas. However, the Gold Coast showed a real rise in the auction clearance rate, being the busiest of the regions with 571 homes taken to auction on the weekend of 20-21 July.
So what does it mean for you?
High auction clearance rate means that there’s a strong buyer demand that leads to a growing property market. It is one of many factors to consider if you are thinking of selling your property, and this information should be used together with advice from your agent and broader market factors to determine whether or not you should sell your home via auction or private treaty.
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