Midweek auctions gain traction in South Australia’s property market
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In a notable shift from traditional practices, midweek auctions are emerging as the preferred choice for selling homes in South Australia, challenging the long-held belief that weekends are the prime time for property auctions. Recent data and expert insights reveal that midweek auctions are not only gaining popularity but also achieving higher clearance rates, offering sellers a strategic advantage in the competitive real estate market.
Ray White SA’s chief auctioneer, John Morris, has been closely monitoring this trend and shared compelling insights based on the latest data. “Interestingly, the strongest day of the week for clearance is Wednesdays, and this proves auctions are no longer just a weekend event,” he stated. The figures from Ray White, covering the financial year to date, underscore this point. Wednesdays boast an impressive 82.1 per cent clearance rate, with 110 out of 134 properties sold under the hammer. This is followed by Thursdays at 80.6 per cent and Mondays at 79.4 per cent. Saturdays, traditionally the most popular auction day, lag behind with a 69.7 per cent clearance rate.
Morris attributes the success of midweek auctions to several factors. “I think what happens with buyers is that when they see that other people want it, they’re more than happy to go for it,” he explained. He further noted, “And I think it’s because there’s not as much competition. From my figures, we generally get a lot more bidders on non-traditional auction days.” This insight suggests that midweek auctions may benefit from less crowded schedules, allowing more focused attention from potential buyers.
The timing of auctions also plays a crucial role in their success. Morris observed that early morning weekend auctions or those held in the evening tend to attract significant attendance. However, he acknowledges the deeply ingrained tradition of Saturday auctions, which remain the most common, with 954 auctions held on that day compared to just 68 on Mondays. Despite this, Morris encourages sellers to consider alternative days, suggesting that a shift in mindset could yield substantial benefits.
Supporting this trend is Tom Hector, an auctioneer at Harris Real Estate, who has been conducting Wednesday afternoon auctions since 2018. Hector’s personal experience further validates the effectiveness of midweek auctions. He recounted selling his own home at a 1.30 pm auction on a Wednesday, securing a price 30 per cent higher than expected. “My clearance rate over the past seven years has been over 90 per cent,” Hector revealed, adding, “A lot of people are starting to do it now too. When buyers are interested in a house, they’ll be there regardless.”
Hector also highlighted practical advantages of midweek auctions, such as the timely processing of deposits. “There are many benefits, including deposits being paid on a Thursday instead of sellers having to wait days after a weekend auction,” he explained. This efficiency can be particularly appealing to sellers eager to expedite the transaction process.
As the real estate landscape in South Australia continues to evolve, the rise of midweek auctions signifies a shift in strategy that could redefine how properties are marketed and sold. With industry leaders like Morris and Hector championing this approach, it appears that the flexibility and potential for higher clearance rates offered by midweek auctions are resonating with both sellers and buyers alike.