Weekends were once considered the best time to take a home to auction but some industry experts say that’s now an outdated sentiment.
Holding auctions during the week is becoming more popular and in some cases proving more successful for sellers.
Ray White SA chief auctioneer John Morris said data for the financial year so far showed the state’s auction clearance rate was highest midweek.
“Interestingly, the strongest day of the week for clearance is Wednesdays, and this proves auctions are no longer just a weekend event,” he said.
“I think what happens with buyers is that when they see that other people want it, they’re more than happy to go for it.
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Ray White SA chief auctioneer John Morris. Picture: Supplied.
“And I think it’s because there’s not as much competition.
“From my figures, we generally get a lot more bidders on non-traditional auction days.”
The Ray White figures calculated from July last year to now show Wednesdays had a 82.1 per cent clearance rate, with 110 of the 134 properties that went under the hammer selling.
It was followed by Thursdays, with an 80.6 per cent clearance rate, then Mondays (79.4 per cent), Tuesdays (77.5 per cent) Fridays (72.4 per cent), Sundays (71.7 per cent) and Saturday (69.7 per cent).
The most auctions were held on Saturday (954) and the least on Monday (68).
Mr Morris said time also had an impact, with early morning weekend auctions or those held in the evening always well attended, as did a property’s location.
He said people would always hold auctions on Saturdays because “it’s so ingrained in us” but he urged sellers to consider other days of the week too.
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Harris Real Estate auctioneer Tom Hector. Picture: Supplied.
Harris Real Estate auctioneer Tom Hector has held auctions on Wednesday afternoons since 2018 and swears by it.
He even sold his own home at a 1.30pm auction on a Wednesday, through another agent, and got 30 per cent more than the expected price.
“My clearance rate over the past seven years has been over 90 per cent,” he said.
“A lot of people are starting to do it now too.
“When buyers are interested in a house, they’ll be there regardless.”
Mr Hector said there were many benefits, including deposits being paid on a Thursday instead of sellers having to wait days after a weekend auction.
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