South Australians are embracing auction.
South Australia is leading the nation in a surprising trend that used to be actively avoided across most of the state.
According to PropTrack data, SA has the highest clearance rate in the country, with a whopping 78.7 per cent of all of it’s 108 auctions held over the past week selling.
To highlight the strength of SA’s market, the next closest was Perth with 62.5 per cent of its auctions selling. This, however, was from just eight scheduled auctions, representing a much smaller sample size.
A better comparison is Canberra, where there were 65 properties scheduled for auction this week, and 61.5 per cent of them selling under the hammer.
Previously solid auction markets like Melbourne and Sydney have seen a dip in the number of homes sold under the hammer, recording clearance rates of 54.1 per cent and 52.2 per cent respectively.
Hamish Mill of Williams Real Estate.
Williams Real Estate auctioneer Hamish Mill said it was fantastic to see Adelaide coming around to a sales method it had previously been wary of.
“Confidence is high and auction is strong in SA,” he said.
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“If priced correctly we are seeing fast and spirited bidding and great results.
“I’m a huge advocate of auction because it is the most transparent way to sell because everyone can see what is happening in a public forum.”
Mr Mill said the success of auctions, and their adoption in South Australia was results-driven.
“People can see the great results and outcomes people are getting at auction, they see the low days on market for auction properties and they see the prices being achieved – it’s a win, win,” he said.”
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Mr Mill said buyers can give themselves the best chance of selling well at auction by ensuring their properties are immaculately presented, realistically priced and advertised both in print and online.
Of Adelaide’s 108 properties scheduled to hit the auction block this week, 15 sold prior to auction, 66 went under the hammer, four sold after the auction, 21 were passed in, one was passed in on a vendor bid, and one was withdrawn.
Ray White SA chief auctioneer John Morris.
Ray White SA chief auctioneer John Morris said the agency’s 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.
“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.”
– additional reporting by Jessica Brown.
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