Auctions and open homes packed for polling day
Clearance rates and open home visits were up as Anthony Albanese was returned to power - and confidence returned to the property market.
MORE than 1,600 homes went under the hammer on polling day, rebounding from the slowdown recorded over two long weekends.
Clearance rates and open homes visits were also up, with bidders and home hunters out in force, according to data from Cotality, formerly CoreLogic.
“The Federal Election kept a lid on the number of auctions, but activity posted a substantial rise relative to the prior two weeks of long weekends,” said Cotality head of research Tim Lawless.
“Clearance rates also posted a solid rise to be at the highest level in four weeks – led by Melbourne.”
The 1,643 homes up for auction was almost three times higher than the 567 from the week before – and a solid rise on last year’s number, he added.
“The preliminary clearance rate has responded positively, rising to 70.1 per cent up 5.9 percentage points from the week prior,” he said.
Property analysts are suggesting a surge in post Federal Election the market, the number of scheduled auctions relatively strong heading into the traditionally quieter winter months.
“The number of auctions scheduled for next week is holding reasonably firm, with approximately 1,620 homes set to go under the hammer, reducing to around 1,580 the week after,” he added.
The appetite is there, judging by the number of viewers at one open home where almost 100 people walked through the door of one property, according to Ray White.
The agency had 342 properties scheduled to go under the hammer, hitting a preliminary clearance rate of 78.1 per cent.
Its auction data showed an average of 4.3 registered bidders and 3.1 active bidders per auction.
The real estate agent saw 25,788 people through 7,082 open homes today.
The open home with the most attendees was at 33 Cleveland Street, Wahroonga, recording 91 attendees.
Ray White NSW head of auctions Perry Edmondson-Clark said election day certainly didn’t slow things down with 117 auctions scheduled across NSW on Saturday.
“Ray White data shows that election day historically is a great day for an auction, with increased crowd sizes, activity and higher clearance rates on average, today was no different with strong preliminary reported clearance,” Mr Edmondson-Clark said.
“With the long weekends, and election now behind us we expect the market to have a strong run through the winter trading months.”
