Login
iscover
On its “Super Saturday” last weekend, McGrath reported its highest volume of auctions booked since November 2015, recording over $196 million in total sales from its eastern seaboard network.
The general manager of company-owned sales for McGrath, Adrian Bo, said that buyer sentiment has been positive with more stock on the market.
“We are finding that with more properties to choose from, buyers are becoming more optimistic, particularly following the unusually low stock levels in 2017. Overall, we feel that it’s now a healthier and more sustainable market for buyers and sellers alike,” the GM said.
Mr Bo added that with higher listing volumes, retaining buyer interest over the standard four-week campaign did pose some challenges.
“With more stock on the market, vendors are increasingly choosing to sell prior in order to secure the best possible price,” the GM said. “This was clearly demonstrated on the weekend, with 25 per cent of McGrath properties scheduled for auction selling prior.
“Many buyers have been sitting on the sidelines for years, so they’re eager to get a deal done now that a small correction in some markets has occurred and everyone can move forward in the adjusted landscape.”
Two of the biggest auction winners for McGrath were a Vaucluse house that sold for $8.45 million and a home in Sydney’s north west that sold for $3.601 million.
Leading into the Easter long weekend, McGrath has scheduled several mid-week auctions to entice buyers.
The GM said: “Our inaugural event will take place at our Coogee office’s designated auction room on Wednesday and will offer vendors a more affordable auction package. The mid-week auction events are designed for properties in the sub-$1m category, which is particularly strong for the investor market.
“We recognised there was an opportunity to bring together like-minded buyers and we look forward to providing added value and convenience to our clients.”
Mr Bo expects the market to slow down over the Easter long weekend and the school holiday period, but he is anticipating a surge of new stock on the market from late April.
You are not authorised to post comments.
Comments will undergo moderation before they get published.