Just the handfuls of auctions took place on the weekend which begs the question, are auctions that take place on public holiday weekends a good opportunity for a buyer who is looking to avoid competition or is this good news for a property seller.
It’s a very bold move by a vendor to place their home on the market with an auction scheduled on a major public holiday weekend like Easter, this was proven on the Saturday just been with only 55 auctions taking place across the state and many of these where in coastal areas.
The clearance rate was 82% which has also been far higher than in recent weeks, the little property that did get auctioned in the inner city of Melbourne had very little trouble of selling.
In a normal weekend of property auctions many homes are offered for sale that might compete with each other, for example a number of single fronted homes in Prahan may be offered on the same day via public auction at similar times, this then means a would be buyer has to choose which auction they will attend if satisfied with numerous single fronted homes in the location.
When a property is auctioned on a public holiday weekend, this means it has prime focus from the buying marketplace and without competition from similar housing stock.
From my experience, if the property is right for the buyer, they will delay taking off early for their holiday in pursuit of the house or have someone at the property on their behalf ready to place a bid at auction. People’s mood also has an impact; holiday periods generally mean people are happier, when people are happier there is also a tendency for people to spend more!
On the other hand, if the property is not priced right or misses the mark as to what the market place is searching for then this could backfire but this would also backfire on most weekends throughout the year.