How a football game and a horse race determine a city’s auction schedule

Our auction clearance rates in Melbourne have grown quickly since the Federal election and the reason for this has been the perfect combination, (or perfect storm, as buyers would see it) of a heightened positive buyer sentiment and tight stock shortage. Vendors seem to be the last to catch on to the fact that a winter or early Spring campaign could have been opportunistic.

Many are waiting it out for Spring, when the sun is out, the gardens look good and the buyers are primed.

The reality is; buyers are already very primed.

Melburnian vendors typically don’t like their auctions falling over school holidays. Nor do they like straddling a long weekend or Melbourne Cup horse race. And plenty of vendors don’t like the idea of an auction campaign falling into December when they know that buyers morph into Christmas consumers around this time.

They also know that Aussie Rules footy, whether people love it or loathe it, skews buyer interest as well. Parents are tied up with games, Little League and children’s commitments. Plenty of buyers are going it alone at the opens while their partner is watching a game, and the general distraction of the season grips many a couple who would rather opt to get serious about their property acquisition quest once the football season is out of the way.

Only seven auction weekends….

A lot of excitement and activity can occur in a short space of time, and this is typical of our delayed Spring auction season in Melbourne.

December gets really interesting. Auctions are still scheduled but new stock is no longer being released for that calendar year. Through to late December, agents start releasing campaign advertising for February auction schedules. December stock clearance gets heated as agents scramble to fit in standard Saturday auction times. We often see 9.30am auctions, 4.30pm auctions, Sunday auctions and even midweek evening auctions.

It is indeed a busy period.

December can start to feel like a Buyer’s market as buyers morph into Christmas Consumers. The supply:demand ratio alters as seller numbers heighten and buyers start to drop off as Christmas approaches.

Buyers often underestimate the benefit of being purchase-ready for this exciting period. Having finance pre-approval sorted out, being prepped with a firm and feasible strategy, and coordinating Christmas shopping in advance can reward those who are ready to pounce.

While this year in Melbourne can be described as the year of low stock, we can still anticipate our auction clearance rates will drop somewhat as the late Spring season rolls out.

From early October to Christmas Eve, we’ll be ready!