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Auction clearance rates subdued
The winter chills are hurting auction clearance rates and results in south east Queensland, a local independent auctioneer has said.
Based in south east Queensland, the Jason Andrew Group (JA) recorded an average of just 0.82 registered buyers per auction, significantly lower than the previous week’s result of 1.19.
Meanwhile, the percentage of those registered actually making a bid was just 39 per cent, down from 61 per cent in the previous week and one of the lowest results for the year so far.
Director Jason Andrew said winter is proving to be far more challenging than expected, with the average crowd size just 11.6, down from 28 the previous week.
“The winter months can sometimes be the most difficult of the year for the property market,” Mr Andrew said.
However, with spring just around the corner, CEO of the Real Estate Institute of New South Wales (REINSW), Tim McKibbin, said auction results should begin to improve.
“Now that we are half way through winter, we are seeing a clearer picture of the impact the cooler months are having on the property market," he said
“The past few weeks have seen the clearance rate [in Sydney] remain just below 60 per cent, however this figure is expected to increase from now until spring, along with the number of auctions held each week, which should rise to around 500-600.”
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