Friday, April 16, 2021

Auction-Shy Perth Coming Out of the Shell

An astounding statistic about the real estate market in Perth is that only 1.6% of sales are through auctions, compared to around 30% for Sydney and Melbourne. However, things are changing in the West. A few weeks ago, Caporn Young had a 100% clearance rate for their weekend of auctions in Perth (WAToday). In the week ending 11 April 2021, there were 18 properties on auction in Perth, with a 44% clearance rate. That was compared to Melbourne's 1,035 auctions over that week with a clearance rate of 77% (SmartPropertyInvestment). In the coming week, there are 30 auctions listed for Perth so this is something to watch in the West in the coming months as the rental pressure may move those desperate for a home to consider buying a home in different ways such as an auction. Are you in the market for a home in Perth? 

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