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Tuesday, October 4, 2022

What day should you sell your house at auction in Canberra?

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While Saturday is typically the busiest day for real estate in Canberra, new Domain data released on Thursday shows an increase in the capital’s weekday clearance rates. While midweek auctions existed before the pandemic, the trend became more prominent in 2020 and 2021. In Canberra, 26 percent of auctions were conducted during the week between 2017 and 2020, with a slight increase in 2021. ,[An auction] was traditionally determined by the typical work week, which provides little time between the standard workday, day-care and running of school, and our daily busy lives,” said domain head research and economics Nicola Powell. The ‘norm’ had become shaken by the global pandemic, how and where we work, socialize and live… it created an instant opportunity to revolutionize how we buy property. “Australia have dominated the weekend auctions over the past five years,” Powell said. “The move away from the Saturday auction is evident in the United Capitals. While similarly, we had a slightly larger deviation from the Saturday auction in the United Capitals, with the biggest swing being either Thursday or Sunday.” Looking at the day-to-day auction clearance rates in each city, Canberra had the strongest results. Canberra’s evacuation rate was 84 percent on Saturday, followed by 83 percent on Thursday, 80 percent on Sunday and 77 percent on Friday. “Canberra was the best-performing auction market for every single day in 2021,” Dr Powell said. “Thursday’s auction results are just as good as Saturday’s and even better than Sunday… it shows how hot Canberra’s auction market was.” Especially with sellers facing strong selling conditions , I think some of them were more than happy to just hold out mid-week, especially when you have a home with a strong following.” Dan McAlpine, principal of Belle Property Canberra, said the agency had last year tested Canberra’s COVID-19 -induced lockdown. More support staff were also available on weekdays”. “We’ve done midweek auctions for Belle property Quanbayen for many years and the advantage of having a mid-week auction in the evenings is that no one is in a hurry,” he Said. “There are no open houses that we have to attend after. “At a Saturday auction, if a property doesn’t sell, the team usually has an hour after the auction to negotiate before moving on to another auction or open house. Whereas, if you have a weekday During the auction, you can take the next hour or so, negotiating with sellers and buyers.” Belle Property Canberra usually held its auction on Thursday, a strategic move to secure the sale by the end of the weekend, Mr McAlpine said. “The challenge you have with Saturday [is]While you can price the home and open it in the middle of the week, your numbers are usually low so your owner waits another week before a new wave of buyers arrives,” he said. Powell said he expects more weeks of auctions, and noted that withdrawal rates will continue to rise. “For the time being, however, it appears that the traditional Saturday auction is a golden day for popularity among sellers.” and have the greatest chance of selling success,” she said. “One thing is clear, however, mid-week auctions are undoubtedly a rising trend.



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