Auction Report January - March 2015

QUARTERLY AUCTION REPORT January to March 2015

a word from our chIEf auctioneer One of the best indicators of a strong auction market is high clearance rate percentages. On the last weekend in March, more than 1,000 properties were scheduled to go to auction in Sydney and the industry clearance rate was the highest we’ve seen all year at 88%.

Across the McGrath Network, NSW metropolitan offices have led the way in terms of auction numbers, clearance rates and the lowest days on market. In the first quarter of 2015, our Sydney metropolitan offices reported an average auction clearance rate of 85.4%.

Recently, McGrath had two outstanding auction results at the premium end of the scale. $15.3M was the final bid for a Sydney

waterfront deceased estate in Vaucluse, while $7M was the winning bid for a stunning four bedroom penthouse in Soul development on the Gold Coast.

As we move into the second quarter of this year, key drivers will be continuing consumer confidence and the historically low interest rates. Across the network I expect to see clearance rates remain strong with select areas likely to show significant improvement.

Scott Kennedy-Green

Network statistics • Highest price achieved at auction for a home: 52A the Crescent, Vaucluse $15.3M • Highest price achieved at auction for an apartment: 7001/14 The Esplanade, Surfers Paradise $7M

76%

1,152

$1.55B

$1.35M

Auction clearance rate

Number of auctions scheduled

Total value of property

Average price of property

34

Average days on market

Auction clearance rate by price

81%

79%

65% 54%

Under $750K

$750K $1.5M

$1.5M $3M

Over $3M

sydney metro statistics

85.4%

Auction clearance rate

878

Number of auctions conducted

QLD statistics

34%

Auction clearance rate

89

Number of auctions conducted

ACT statistics

61.7%

Auction clearance rate

34

Number of auctions conducted

Regional NSW statistics

58%

Auction clearance rate

151

Number of auctions conducted

AUCTIONEER PROFILE Thomas McGlynn Thomas is a highly regarded auctioneer having been involved in excess of 3,000 auctions across QLD, NSW and the ACT. As McGrath Queensland’s Head Auctioneer, Thomas has been at the forefront of McGrath’s expansion into Queensland calling landmark sales such as 5 McMillan Court, Southport for $9.8M and “Aurora” The Soul Penthouse, Surfers Paradise for $7M.

Thomas is extremely passionate about applying maximum energy and focus to each individual property regardless of price, location or circumstances to ensure he doesn’t simply meet the vendors reserve price but rather to extract the maximum the market will pay.