McGrath sees two pre-Easter Super Saturdays

The 2018 auction season has started well for McGrath as the company reports solid bookings for March.

Still booking auctions for the 17th and 24th March, McGrath anticipate both Saturdays will emerge as “Super Saturdays” in the lead-up to Easter. 

“The first strong indicator for us is Saturday 3rd March, where the network’s auctions have increased by 38 percent," Adrian Bo, the general manager of company owned sales said.

“We have noticed an upswing in our 2018 auction numbers leading into Easter compared to the same period for 2017," he said.

Its Sydney metro auction bookings are up 40% to the comparative period in 2017.

"We are seeing the largest increase YOY in Sydney’s Eastern Suburbs (+115%) with 28 properties to be auctioned on the first auction day in March, followed by the Sutherland Shire (+64%). 

“We were faced with a shortage of listing inventory this time last year due to reluctant sellers in a fluidly growing market.

"Vendors were fearful of the market getting away from them by around 10% if they sold first, without securing their new home in an equivalent market environment.

"As the Sydney market has now reached its peak, our clients seem more inclined to transact in an increasingly balanced market. We have certainly seen an uplift in buyer sentiment this calendar year.” 

Bo pointed to a townhouse at 5 Pitt Street, Randwick that passed in at auction in December 2017 with no registrations or bids sold this month for $2.5 million, well over the asking price.