When is the ideal time to sell your home at auction?
On a Saturday morning, drive or walk about your neighborhood and you're likely to come across a few newly scuffed up 'Auction' signs. Is Saturday, however, the greatest day to sell your house? Perhaps not, according to new evidence.
A good auction story is something we all enjoy.
You undoubtedly have a friend or two whose favorite dinner party anecdote involves crushing all of their competitors’ hopes and ambitions with a final $10,000 sledgehammer bid.
However, for every stubborn bidder, there is generally a vendor that is equally happy.
So, which day of the week does a seller have the best chance of attracting the most buyers to their auction?
The day with the highest number of bidders
According to national statistics obtained by Ray White from 23,100 auctions over the past 12 months, auctions held on Tuesdays at 5pm attract the most active bidders, with 5.9 bidders per sale.
This is much more than the 3.2 bidders per auction average, which also happens to be the average number of bids for 11 a.m. Saturday auctions (the most popular auction time).
However, the outcomes in each capital city tend to differ.
“Based on the results of all auctions done throughout the year, Tuesday at 5 p.m. is the ideal day to sell.” However, in Adelaide and Melbourne, it would be worth looking at Friday night,” says Nerida Conisbee, Ray White’s Chief Economist.
“It’s Sunday morning in Sydney, and Monday night in Brisbane. The only market where a standard midday Saturday auction will produce the most engaged buyers is Perth.”
The day with the highest percentage of clearances
However, a greater number of bidders does not automatically imply a better clearing rate.
According to Ray White Group’s national auction day clearing rates, Friday is the day to beat when it comes to clearance rates.
With a clearance rate of 91.2 percent on Friday 1pm, and 90.5 percent on Saturday 8am, Friday 1pm has the greatest clearing rate.
“Most Australian auctions take place on Saturdays between 10 a.m. and 1 p.m.,” Ms Conisbee explains.
“However, arranging an auction at a less common time can work to your benefit if you’re selling,” she says, “since there’s just less competition from other properties coming to auction at these times.”
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