AUCTIONS are a national pastime in Australia and any informed punter knows that Saturday is traditionally the most popular auction day - but is it the most successful?
According to Ray White Chief Economist Nerida Conisbee it might not be. Looking at national auction day clearance rates from the Ray White Group, it turns out Friday is the day to beat. Ms Conisbee said that 1pm on Friday boasts the highest clearance rate at 91.2 per cent. Meanwhile, Saturday at 8am comes in at a close second with 90.5 per cent of all Ray White auctions selling under the hammer at this time.“Most auctions in Australia are held on Saturdays between 10am and 1pm however new data from Ray White shows that looking at a midweek auction could create more competition,” Ms Conisbee said.“Holding an auction at a time that is less standard can work to your advantage if selling - there is simply less competition from other properties going to auction at these times.”
Over a 12 month time period, Ms Conisbee also found that auctions held on Tuesday at 5pm attracted the most active bidders at 5.9 - significantly higher than the average over this time period of 3.2 active bidders.
And after drilling down to individual capital cities, Ms Conisbee said the best time to hold an auction varies significantly across the states.“Looking at all auctions held over the year, Tuesday at 5pm is the best time to sell. However in Adelaide and Melbourne, it may also pay to look at Friday night,” she said.“In Sydney, it is Sunday morning and in Brisbane it is Monday night. Perth is the only market where a standard midday Saturday auction would yield the most active bidders.”
In South Australia, Friday afternoons are becoming a popular time to auction. Most recently, a 1pm Friday auction at 42 Vine Tce, Klemzig went for $885,000 through Ray White Woodville principal Peter Kiritsis with a far above average of 11 registered bidders in attendance.Meanwhile in Victoria, the Ray White Lara office has also embraced a less traditional time to conduct their weekly hybrid in-room/online auctions. The office holds their hybrid in-rooms on a Tuesday at 5pm which has led to some impressive results and hosts of bidders either tuning online or on site depending on restrictions.
Ray White Lara principal Jo Boothroyd said they chose to schedule the bulk of their auctions on a Tuesday because they felt the properties were fresher in buyers' minds."Tuesday evening has been working really well for us," Ms Boothroyd said.
“We like to do Tuesday auctions because people have usually been through the house on the weekend and it’s still fresh in their mind. It also puts our properties ahead of some other homes that may be going to auction later in the week.“We find that Tuesday is very convenient for most people too as they usually don't have other commitments. Once you get later in the week, other things start to get in the way and attendance can begin to slip."Ray White Lara has one property going to online auction today, 17 Melissa Drive and two going ahead next Tuesday - 15 Michelle Court and23 Crofton St, Geelong West. Ms Boothroyd said they already have several interested bidders registered.
