WHAT’S HAPPENING IN OUR MARKET? If the last two years have taught us anything, it’s that there really is no particular season, month or time of year that’s better for selling. That said, there’s still a long held belief that it’s hard to beat selling in spring! Our winter selling months were interesting. Interest rates and auction clearance rates both went in the opposite direction to what most would like, but there was also a lot to celebrate this winter. International travel was well and truly back on the cards and many of us chose to take advantage of the travel bug and escape the winter chill. This has given us a post-vacation flurry of activity in the real estate sector in the past few weeks, and we’re seeing an increase in new listings coming to market. It seems selling in spring is back on the agenda for many homeowners. As our market reaches a more balanced state, we’re seeing days on market growing - the number of days it takes from when it’s launched on the market until the point it’s unconditionally sold. The impact of this can mean that buyers start to see the listings that stay on the market for longer as ‘stale’, or become suspicious as to why it hasn’t sold yet. Our auction properties are selling on average 11 days sooner than private treaty, with an average of 28 days to sell an auction property and 39 days to sell by private treaty. We’re also still seeing a premium of 11% being achieved on our auction properties against the highest offer presented before auction day.
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