With the first weekend of auctions for 2018 now behind us; the questions have been answered about how buyers would react in 2018. Would they come back as strongly as 2017 or did the winds change over the holiday break that may cause some buyers to shy away in the hope the market may cool?
Well with the 9 auctions conducted so far over the last 2 weekends, we can report that 6 were sold under the hammer with the average auction drawing 4 bidders ready to purchase on the day. It’s this average bidder number that is of interest and really does signal the depth of the buyer market. Already in 2018, the average bidder number has doubled that of 2017 an early indication that our market is set to strengthen through the year
Widely regarded as a sellers market, where sellers are benefiting through buyer competition. Our Ray White Network conducted 333 Auctions across the Sunshine Coast in 2017, selling 273 at a success rate of 90%.
There is no doubt that most properties listed are selling in this market; however the real story of the strength of the market is in the depth of buyers at our auctions. Already this month we have seen one largely unremarkable property in a beachside area sell well over the reserve price with 19 bidders competing at auction.
We anticipate that the market will continue to provide outstanding results for sellers as the year moves on; while still offering value for buyers who get in and secure something quickly.