Buyers have been out in force in the market recently, ready to bid and ready to buy. We can report that at Belle Property Illawarra, we have achieved a 100% clearance rate over the past month, with properties selling for an average of 11% above reserve price.
We are seeing these strong results mirrored throughout the state with the NSW auction clearance rate last week sitting at 94%.
Looking north to the Sydney market, last week saw over 1,000 auctions scheduled - which is known a ‘Super Saturday’. This was expected to really test the strength of the auction market - but results were strong, and Sydney achieved a clearance rate of above 80% for the eighth week straight.
Damien Cooley from Cooley Auctions said, “I’ve never seen bidding so strong, we’re seeing strong opening bids, strong increments and strong bidding tactics,” he said.
The market picked up right where it left off when the coronavirus pandemic hit, and had continued to gain momentum due to strong buyer demand, Cooley said.
In the current market, it makes sense to utilise the auction process to maximise the result for your home. We are the Illawarra’s leading auction agency and would love to discuss how our proven results-based strategy can help you.
Give us a call today on 4228 0888 or click here to take the first step in finding out what your home is worth.