The REIV auction clearance rate has improved once again achieving 85% on 400 auctions reported. 220 properties sold at auction, 118 before auction and 1 after auction. In addition there were 241 private sales. The clearance rate for houses was 88% and units 80%. These percentages whilst high, overall transaction numbers are still well down on the 1034 auctions reported on the same weekend, last year.
We have just over four weeks left before the holiday season commences and I am expecting a shorter break in the property market than previous years. Many people still have not booked holidays due to the uncertainty of borders opening and others are choosing to stay local so they can play catch up on lost work during lock down.
New buyer enquiry should continue to be strong throughout January as confidence improves which is not dissimilar to January 2020, as long as we don’t see any spike in Covid-19 cases. Hopefully the resilience the property market is demonstrating will encourage more vendors to put their properties on the market.
Off market listings are on the rise as selling agents list properties due to go on the market in the new year. Many of these vendors will be willing to sell now and the Elite Buyer Agents team are working extremely hard to find these off market properties for our clients. In addition to higher levels of off market properties, historically December can be a very good month to buy as vendors become even more motivated to sell their property before Christmas.
Have a great week.