Home Auction Results Up to 60% of auctions not occurring

Up to 60% of auctions not occurring

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Written by Anita Butcher


The rate of South Australia’s auctions have been very unpredictable in the past month, with reports that up to 60% are not occurring.

 

John Morris, a freelance auctioneer , told SA Real Estate News that, last weekend alone, half of his scheduled auctions did not go ahead.

 

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“I had seven auctions over the whole weekend and two were withdrawn, one almost immediately.

 

“And three of the seven auctions scheduled ended up being properties sold prior, so hardly any went ahead,” he said.

 

When asked why two properties were withdrawn from auction, Morris mentioned one was a private sale and the other, he has “no idea”.

 

“As far as I’m concerned, auctions have either been going absolutely mad or only having one or two hits recently, so it’s very unpredictable…but it proves the auction works and people are  putting their best foot forward,” Morris said.

 

A.J. Colman, an independent auctioneer has found that while all auctions last week went ahead, the week before had a bit of rescheduling.

 

“I had a couple of moves and one sell prior because they achieved a price higher than expectation…sometimes the market comes in at one level and a buyer comes in at $50,000 more,” he said.

 

While selling prior to auction is often a safer option, Colman is a firm believer in the positive outcomes an auction can bring.

 

“Selling prior means the vendor misses out on potentially more money and the auctioneer misses out on positive sales coverage in the community and the opportunity for listings.

 

“On the weekend, one vendor had ten offers prior to auction, they still went ahead and made $30,000 more than the highest pre-auction offer,” he said.

 

Regardless of the number of auctions being rescheduled or not occurring, Colman believes the SA market is in a secure state right now.

 

“I see everything selling, and those that aren’t, are simply above the market feedback level.”


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