{"id":5693,"date":"2015-09-08T12:02:29","date_gmt":"2015-09-08T02:02:29","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5693"},"modified":"2015-09-08T12:02:29","modified_gmt":"2015-09-08T02:02:29","slug":"auction-action-to-heat-up-this-spring-john-mcgrath","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/auction-action-to-heat-up-this-spring-john-mcgrath\/","title":{"rendered":"Auction action to heat up this Spring – John McGrath"},"content":{"rendered":"

Spring is upon us and the sun is shining on what looks like a\u00a0favorable\u00a0auction season.<\/strong>
\nWe can now look forward to a market boost with the winter property hibernation behind us.
\nIn his recent column in\u00a0Switzer<\/a>, John McGrath explores what this time of year means for the property market.<\/p>\n

HERE\u2019S WHAT HE HAD TO SAY:<\/h4>\n

This is always an exciting time in the property market.
\nIt\u2019s the first week of the Spring auction season and I think it\u2019s going to be a fantastic few months in Sydney real estate.\u00a0\"John<\/strong>
\nThe best part about this year\u2019s Spring is not just the expectation that vendors will achieve good prices, but also the expectation that buyers will finally have a decent amount of stock to choose from in suburbs where supply has been especially tight throughout Winter.
\nIn mid-May, total supply was down 21.4% in Sydney compared to the same time in 2014, according to CoreLogic RP Data.
\nBy early August, stock was only down 4.9%, indicating more homes coming onto the market in the lead-up to Spring.
\nClearance rates in Sydney have dropped a bit in recent weeks \u2013 into the late 70% range after staying above 80% for many months.
\nI think this could be an indication that some buyers have decided to wait for Spring and the usual increase in listings, instead of competing in late Winter for homes that might not exactly suit their criteria.
\nThe first three weekends of Spring will be an interesting test in terms of listing numbers, sale prices and clearance rates.
\nPublic school holidays in NSW begin on September 19 so we might see a short interval in new listings coming to market over that period as family home vendors wait until the first week of Term 4 to launch their properties on the market.
\nFrom this point, the Spring market will move forward all the way to mid-December.<\/p>\n

PEOPLE NEED TO REALISE THAT SYDNEY\u2019S BOOM WILL INEVITABLY END AND PRICE GROWTH WILL MODERATE<\/h4>\n

When this will happen?
\nWe don\u2019t yet know but I wouldn\u2019t be surprised if by this time next year, things might have settled down considerably.
\nI continue to hold the view that a pause would be healthy for a sustainable market.<\/strong>
\nIn a booming market, it\u2019s not surprising to see a spike in the number of homes offered for sale via auction in Sydney.
\nAuction is by far the very best way of flushing out the highest price the market is willing to pay for your home, especially during booms.
\nPeople are far more excited and motivated and prepared to pay a premium for the home they want.
\nCoreLogic RP Data figures show 38% of Sydney listings in the 2015 financial year were marketed via auction.
\nIn Melbourne, it was 39%. Canberra is also putting a large number of homes to market via auction \u2013 36%, even though that market is nowhere near as strong.
\nHouse price growth in Canberra during FY15 was 3% compared to Sydney\u2019s 17.8% and Melbourne\u2019s 11.2%.
\nThese three cities do have strong auction cultures, but in the case of Canberra, it just goes to show that despite the market being weaker than Sydney and Melbourne, auction is still the preferred method for a similar proportion of the market.
\nBuyers who feel nervous about bidding at auction should\u00a0check out my recent\u00a0<\/a>post<\/a>\u00a0on how to prepare yourself for the big event.<\/strong>
\nIf you want to buy in today\u2019s market, you really don\u2019t have the luxury of choosing to avoid auctions and focusing on private treaty offerings only \u2013 there\u2019s simply not enough homes available for sale and most vendors are recognising that auction is the way to go.
\nCoreLogic RP Data recently published a report showing the Top 10 Hottest Auction Suburbs nationwide, for both houses and apartments, and the No 1 suburbs in each capital city.
\nTake a look at Queens Park in Sydney\u2019s Eastern Suburbs, where 98.3% of houses in FY15 were marketed via auction.
\nThis isn\u2019t one of those stats skewed by low sales volumes either \u2013 we\u2019re talking 60 listings for the year and 59 of them were auctions.
\nCheck out the lists below, courtesy of CoreLogic RP Data.<\/p>\n

HIGHEST PROPORTION OF AUCTION LISTINGS FY15 | HOUSES | NATIONAL<\/h4>\n

Queens Park NSW 98.3%
\nClovelly NSW 95.9%
\n\"sale\"
\nMalabar NSW 95.7%
\nNorth Wahroonga NSW 95.5%
\nAlexandria NSW 95%
\nWest Pymble NSW 93.2%
\nBexley North NSW 92.9%
\nClifton Hill VIC 92.9%
\nCurl Curl NSW 92.6%
\nAshbury NSW 91.2%<\/p>\n

NO 1 AUCTION SUBURBS IN EVERY CAPITAL CITY (HOUSES)<\/h4>\n

Sydney \u2013 Queens Park 98.3%
\nMelbourne \u2013 Clifton Hill 92.9%
\nBrisbane \u2013 Paddington 65%
\nPerth \u2013 Watermans Bay 32.1%
\nCanberra \u2013 Hughes 90.6%
\nAdelaide \u2013 Kingswood 87.1%
\nDarwin \u2013 Fannie Bay 55.2%
\nHobart \u2013 Battery Point 20.7%<\/p>\n

HIGHEST PROPORTION OF AUCTION LISTINGS FY15 | APARTMENTS | NATIONAL<\/h4>\n

Kew East VIC 97.1%
\nCarlton North VIC 91.3%
\nBronte NSW 89.5%\"apartment
\nDolls Point NSW 88%
\nBondi Beach NSW 87.1%
\nBellevue Hill NSW 86.5%
\nBalaclava VIC 86.4%
\nSurrey Hills VIC 86.2%
\nCentennial Park NSW 85.4%
\nStanmore NSW 85.4%<\/p>\n

NO 1 AUCTION SUBURBS IN EVERY CAPITAL CITY (APARTMENTS)<\/h4>\n

Sydney \u2013 Bronte NSW 89.5%
\nMelbourne \u2013 Kew East VIC 97.1%
\nBrisbane \u2013 New Farm 31%
\nPerth \u2013 North Coogee 10.3%
\nCanberra \u2013 Cook 54.2%
\nAdelaide \u2013 Norwood 41.6%
\nDarwin \u2013 Rapid Creek 14.3%
\nHobart \u2013 Lindisfarne 13.6%<\/p>\n","protected":false},"excerpt":{"rendered":"

Spring is upon us and the sun is shining on what looks like a\u00a0favorable\u00a0auction season. We can now look forward to a market boost with the winter property hibernation behind us. In his recent column in\u00a0Switzer, John McGrath explores what this time of year means…<\/p>\n","protected":false},"author":176692471,"featured_media":2698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-5693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story"],"yoast_head":"\nAuction action to heat up this Spring - John McGrath - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/auction-action-to-heat-up-this-spring-john-mcgrath\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Auction action to heat up this Spring - John McGrath - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Spring is upon us and the sun is shining on what looks like a\u00a0favorable\u00a0auction season. 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