Media release - 15th March, 2016

Based on current trends, Raine & Horne is anticipating that many of the 900 odd properties set to go under the hammer this Saturday could potentially sell prior to auction.

“We’re seeing auction clearance rates moving back above 75%, which is mostly attributable to tight listings, and this is helping to drive up pre-auction sales,” said James Pratt, Director, Raine & Horne Auction Services.

Last weekend there were 593 auctions, according to Mr Pratt, compared to almost 700 for the same weekend last year.

“As a consequence of tighter listings, as many as 20% of properties across Sydney are selling prior to auction,” said Mr Pratt.

“Where there are two or three hot bidders for a property, one buyer will jump in and make an offer to help beat the pack, which is a perfectly acceptable outcome within the first stage of the auction process.

“With many committed buyers moving promptly, it’s fair to expect the number of properties that go under the hammer this Saturday will be closer to 700, which is still a decent number but it’s not quite the Super Saturday of last year.”

Peter Mosedale, Co-Principal of Raine & Horne Dee Why/Collaroy, said a shortage of stock was set to drive auction results this weekend on the Northern Beaches.

“It will be a busy weekend, but with Easter, the school holidays and Anzac Day not jammed in together like last year, there will still be plenty of time to buy and sell property after this weekend,” said Mr Mosedale.

This Saturday, Raine & Horne Dee Why/Collaroy is auctioning a landmark property at 26 Campbell Parade, Dee Why, along with a spacious 5-bedroom house at 22 Mills Place, Beacon Hill.

“With listing numbers down, it’s a great time to get a Northern Beaches property onto the market.”

Meanwhile, Duncan Gordon, Co-Principal of Raine & Horne Newtown, said the Inner West has started 2016 in strong fashion.

“In the past two weeks in our local marketplace, which includes Newtown and 11 surrounding suburbs, we’ve seen 12 properties sell prior to auction with the balance, bar one, selling on the specified auction day,” said Mr Gordon.

“This weekend being a Super Saturday will be a good test of the market. Our office has six properties scheduled to go under the hammer in five suburbs including Chippendale, Alexandria, Sydenham, Camperdown and Newtown.

“8 Pine Street Newtown was also scheduled for auction this Saturday however we have sold this prior to auction for $2,000,000. We’re looking forward to a big auction weekend.”

–ENDS–

For further media information contact:

James Pratt, Director Auction Services, Raine & Horne on 0427 754 276

Andrew Harrington, National Communications Manager, Raine & Horne, on 02 9258 5400

Many Sydney properties expected to sell before Super Saturday says Raine & Horne