We've seen auction clearance rates increasing over the past few months in Sydney as well as across the state - with the NSW clearance rate sitting at 90% for last week (according to preliminary rates from realestate.com.au).
Here at Belle Property, we have experienced similar results – achieving a 100% clearance for all properties auctioned in May.
Strong buyer demand, a shortage of stock, and low-interest rates are contributing to the strong clearance rates.
We have achieved some outstanding results for our sellers, with an average of 7 bidders on each property, and an average of 28 bids.
This competition has been driving some incredible sales results, and our sellers have achieved an average of 17% above reserve for properties auctioned in May at the Belle Property Auction Centre.
We have also noticed an increase in properties selling prior to auction, with many buyers willing to present strong offers before auction in order to secure a property. All properties scheduled for our most recent auction night sold prior.
A standout result was 28 Hopewood Crescent, Fairy Meadow. This original red-brick 3 bedroom home attracted 55 attendees to the first open home and sold within the week for $1,050,000.
In the current market it makes sense to utilise the auction process to maximise your sale result, and here at Belle Property Illawarra - we are auction experts.
If you’d like to know more about auctions or our results, contact us on 4228 0888.