The State of Auctions……..
As agents, buyers and sellers all adapt to the new conditions; one thing has become clear….for now. Auctions are out and replaced by Expressions of Interest (EOI) and private sales.
The auctions you see now all were locked in pre-pandemic. Even so, the REIV still report an 89% clearance rate; but with a 77% drop in auctions from the same time last year!
The more important number is 353 WITHDRAWN before the scheduled public auction – this screams a vendor message “we are not selling until we know what’s gonna happen”! Sellers won’t list or spend money on marketing until they know more. Post-Easter autumn auctions will gradually build up again, but not right now.
Counter to that is interest rates are at a lifetime low, demand is still there for now and quality properties are even harder to find than before. And a big plus; peoples genuine needs (not wants) for housing has been building up for months.
So for now? Its EOI’s, private sales,off-market and pre-market sales if you need a property. Buyers advocates play a more prominent role than ever, finding off-market, pre-market homes AND negotiating transactions on listed private sales properties.
Call us for a chat and discuss your many opportunistic options for buying or selling now.