This weekend gone, saw the first Auctions for 2011 and lets hope they are not setting the standard for the remainder of the year. With a disappointing success rate of just 55%.
The Auctions were spread far and wide with many taking place along the coast, in an attempt to capture the holiday makers prior to the mass exodus with schools heading back this week.
There was very little action in the Inner City Market, showing us the the Auction season has not truly started. Most campaigns will commence this weekend, to coincide with schools returning and people returning to work.
With only 126 Auctions taking place, it is difficult to make bold predictions about where the market is heading. We will need to wait until the end of February when we will see a rise in the number of properties that are put on the market.
With many properties still on the market from Christmas this may be a good indicator that stock levels will be low, potentially resulting in higher prices.