November 13, 2022 | November 2022 Property Review – Beckett Buyers Advocates

 

And there it goes, the rush for vendors to list their homes for the auction deadline before Christmas has been and gone.

Auctions typically wind up in the last weekend before Christmas, this year being Saturday 17th December and then some twilight auctions being held on the week commencing Monday 19th December.

This year however looks to be an early start to holidays for many in our industry with stock levels being extremely lighter than normal. Compared to November 2021, we have seen the number of auctions drop by 60% and the auction clearance rate reduce by 8%.

While there was new stock entering the market in October and November, it wasn’t the typical spring rush we expected, and it wasn’t enough to service the current buyer demand. December stock levels are also looking dismal and many selling agents are showing concerns about the lack of motivated vendors for early 2023.

Given this limited supply of stock, there is still strong competition for good quality homes with results selling more than the advertised quote range and reserve price.

Turnkey houses are still proving to be the strongest sector of the market with most buyers wanting to avoid any renovations or building works due to the current uncertainty in the building industry and rising material prices.

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