With Christmas fast approaching, more property sellers are opting for a three-week auction campaign, says James Pratt, Director of Auctions, Raine & Horne.

Pratt said this weekend is shaping up to be huge, with a large number of properties due to go to auction.

“This weekend’s Super Saturday auction extravaganza features a large number of properties, which are using three-week marketing campaigns, rather than the traditional four-week approach,” said Pratt.

Pratt said high clearance rates and low volumes are prompting sellers to act quickly while the market remains strong.

“This (short auction campaign) is a sensible strategy given Sydney’s high clearance rates and stock levels that are lower than in previous years. These factors are encouraging more owners to act quickly before buyers lose interest, or more stock comes onto the market,” he said.

Pratt said Sydney’s inner west achieved a clearance rate of 91% last weekend.

“The next best was the Northern Beaches," he said, "with a clearance rate of 90.5%, followed by the city and the Eastern Suburbs with 90.2%, and the Lower North Shore with 84.4%.” 

“A clearance rate above 90% means vendors have very a solid chance of selling in this market, and it’s this realisation, and the proximity to Christmas, which is encouraging more owners to choose a shorter, marketing campaign," concluded Pratt.

Pratt said smart sellers are also factoring in committed buyers agreeing to a three-week settlement, as they wish to move into their next property before Christmas. A three-week settlement is no longer possible by the second week of December, said Pratt.

See also:

The Block auction reflects surging Melbourne property market

Property auction market eases slightly as volumes tick higher

Strong auction results show largest property markets still hot