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Joshua

Joshua

Sydney
While open-air auctions are forbidden during the coronavirus pandemic, there is evidence to suggest online auctions might be an effective alternative when it comes to selling property. That evidence, however, does not lie in auction clearance rates, according to realestate.com.au chief economist, Nerida Conisbee, who says clearance rates are no longer a sufficient indication of property sales, namely across Victoria and New South Wales, where the majority of auctions take place. “Whereas traditional auctions typically account for 15 per cent of properties sold, online auctions only account for five per cent of total sales. This makes online auction clearance rates a poor indicator of total market activity,” she said. Of those properties that were sold via online auction last week, the clearance rate was 60 per cent for Victoria and 57 per cent for New South Wales. These figures do reflect a decline in recent weeks with both states usually hovering around 80 per cent. “It has been hard to work out whether the drop over the past month has been driven mainly by poor demand, very low levels of people choosing to sell via online auctions or a fundamental problem with online auctions as a selling technique. Despite this, while perhaps not as theatrical, several Melbourne and Sydney properties sold under the virtual hammer for well over their reserves last week, leaving their vendors very happy indeed. Source:x Melbourne And Sydney Rake In Bonzer Online Auction... While open-air auctions are forbidden during the coronavirus pandemic, there is evidence to suggest online auctions might  be an effective alternative when it comes to selling property.  www.realestate.com.au
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