With a clearance rate of 76% achieved on the weekend, the big question was what happened to the bumper weekend we were meant to have of auctions.
With only 700 auctions run on the weekend; I’d hardly call it bumper, but what I can say is that we’re seeing a lot of auctions cancelled prior to auction day .
Scheduled Auctions
1278
Reported Auctions
735
Total Sold
562
Total Passed In
173
Clearance Rate
76%
What does this mean for the market? Well, what it shows is there’s still some nervousness. There are still some auction campaigns out there that get to the auction day and they realise they haven’t got a buyer or their only buyer hasn’t decided to show up. These are the signs that now is the time to buy. Why wait until a market is firing on all 12 cylinders to buy when you have competition? Why not buy with less competition in a slightly softer market? The market will recover. Victoria will not be an absolute rust bucket forever, but why not strike when no one else is.
I don’t understand the methodology of waiting until everyone else does something to do something. The best time to do something is when you’re ready. Not when everyone else is.
If you are thinking of buying or selling a property, it’s not a bad time. It’s just you need to make sure you do everything to skew it in your favour that comes down to not only choosing the right agent to sell your property, but listening to any advice they may have.
Yes, we all want the best price possible for our property and we all feel we have the best property that is currently on the market, but you need to do everything in your power to show as many people as possible that your property is the right one for them. There is no point running a campaign where only three people show up, you want as many people through the doors as possible.
Finally, there is nothing wrong with buying the property that no one else is looking at, especially if you know it’s in the right location for you or is the right style for you. Just because other people don’t like it doesn’t mean you shouldn’t buy it.
Remember you can always renovate and update a property to suit more people
