The Centralian advocate Fri 24 Jun 2016
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28 REAL ESTATE FRIDAY JUNE 24 2016 CAVE01Z01MA - V1 WHEN it comes to selling your home, the early bird catches the buyers. While Saturday remains the most popular day for auctions, new data shows early morning auctions achieve a higher clearance rate than those held later in the day. An analysis of realestate. com.au data for more than 60,000 auctions held between May 1, 2015 and May 15, 2016 in Melbourne, Sydney and Brisbane reveals the most successful time to auction a property. The analysis compared the clearance rates in all three cities against the most common auction times, days and seasons to discover which combination is most likely to result in a sale. Adelaide, Canberra, Perth, Hobart and Darwin were excluded from the results as they did not meet the data requirements, as most properties in these cities are not sold via auction. Best time to sell your house Saturday remains the most popular day to sell a home at auction. While this can be a boon for sellers, it often means more competition for buyers. Of the over 60,000 auctions analysed, 89.6 per cent went under the hammer on a Saturday and 1.6 per cent were auctioned on a Sunday. Winter is the season with the highest clearance rates. Midweek auctions in Sydney and Brisbane also achieve high clearance rates, though there are far fewer properties auctioned at that time. Getting in early appears to be the best sales strategy, with auctions at 9am and 10am delivering higher clearance rates than at other times of the day. In Sydney 75 per cent of 9am auctions result in a sale and in Melbourne 73 .2 per cent of properties auctioned at 10am are sold. In Brisbane 49 per cent of properties auctioned at 9am result in a sale and 42.45 per cent of 10am auctions end in a sale. REA Group chief economist Nerida Conisbee says the decline in clearance rates in the middle of the day suggests early sales have an impact on properties auctioned later in the day. It may be that as houses sell throughout the day, there are fewer buyers in the market, Conisbee says. For example, if a purchaser has two properties they are interested in and the first is at 9am and the second is at 11am, then if they are successful at auction at the first, they are no longer interested in the 11am purchase. The varied Saturday clearance rates associated with dif ferent times did surprise L J Hooker head of research Mat Tiller. In some states, theres as much as a 12 per cent point difference between whether you sell early in the day, in the middle of the day or at the end of the day that variance is quite significant, he says. However he says the numbers may also reflect more what individuals are doing on weekends, rather than their interest in auctions. People like to attend auctions first thing, get it over and done with. But the middle of the day is probably the busiest time of the weekend given things like kids going to sport, some might have lunches (to attend) and things like that, he says. The results for Sunday follow a similar pattern, with auctions held at 10 and 11am associated with much higher clearance rates than those held during the middle of the day. Best season to sell So if Saturday is the day most choose to auction their house what is the best season to sell? While most think of spring when auctioning a home, the data shows that buyers see things differently says Conisbee. Winter came up as the season in which clearance rates were the highest. The amount of Smaller lenders offer a big edge HOW much easier would buying your first home be if you had access to $40,000 more? You dont have to go begging to your boss for a pay rise or take a second job, according to new analysis by comparison website Mozo. It crunched the numbers and found that choosing from some of the non-major lenders could allow buyers to borrow up to $40,000 more. The analysis was done as part of the Mozo Experts Choice Awards and revealed that some smaller lenders have such competitive rates they could potentially give first home buyers a boost in how much they can borrow. It found a homebuyer could potentially borrow $40,558 more from the four small lenders it selected as winners when compared with the big four banks. Director Kirsty Lamont said the small online and non-bank lenders were offering variable rates less than 4 per cent and have an average rate that was 0.67 per cent lower than the big four banks average of 4.43 per cent. We crunched the numbers on how much more you could potentially borrow with these rock-bottom rates and found it was 11 per cent of the average cost of a first home, which could be a big help to a buyer struggling to get into the property market, she said. Ms Lamont said their research found 90 per cent of the most competitive loans in the market were from non-major l ender s . The f igu re s were crunched for a 30-year loan with monthly repayments of principal and interest on a first homebuyer loan size of $330,600. Whats your big idea to address housing affordability? Share it at MyBigIdea.org.au, vote on others and watch the best become real. MICHELLE HELE NEWS.COM.AU Success at auction can be a matter of time stock in the market is slightly less, so this is a factor, however it does show that if you want to sell, the season should not be a restriction, she says. Average clearance rates across Sydney, Melbourne and Brisbane for winter were 74 per cent, while autumn came in second with an average clearance rate of 69.8 per cent. Spring, which most think of as the traditional selling season, had an average clearance rate of 61.8 per cent, while summer was slightly lower at 61.1 per cent Public holidays and school holidays can also have a detrimental impact on selling, according to Tiller. Selling agent Spiros Karagiannidis works the crowd during an auction and there are new findings about timing. Picture: MARK DADSWELL 68 Lackman Tce, Braitling Was: $469,000 Now: $464,000 Was: $449,000 Now: $444,000 Now: $265,000 Save $5,000 Great backyard with pool & shed 213 Open Saturday 11:30 to 12:00am Call Eli Melky - 0427 012 699 23 Mulara St, Braitling Save $5,000 Privacy, space, ideal for pet lovers 113 Open Saturday 10:30 to 11:00am Call Eli Melky - 0427 012 699 70/111 Bloomfield St First Time buyer Investment opportunity 112 Open Saturday 9:30am to 10:00pm Call Eli Melky - 0427 012 699 Level 1 Anangu House 44 Bath Street Alice Springs Phone 8953 8120 www. goldenhome.com.au Licensed Agent AL559 The Alice... A Golden Home Town O P E N O P E N O P E N
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