Welcome to the March edition of “The Hammer Report”.

The pulse rate of the auction market place had a distinct increase during March with a number of fever based auctions that I’ve not witnessed for some time which drives incredible enthusiasm as to the state of the market and with twenty million dollars of property offered we had strong volume to gauge trends of the market.

During February, as mentioned in the last hammer report we saw somewhat of a standoff between buyers and sellers and one can only help but think the point has come where both buyers and sellers have decided it’s time to make a move.

Auctions are often judged on the under the hammer rate and if it truly is how the auction pulse is measured then to have an increase from 30% to 47% from February to March bodes very well for April and beyond. The Perth market still hovers around 65 days on the market for a property to sell* (statistics ending December 2016) whilst auctions moved to 63% within 35 days for March almost halving the industry average.

We continue to break paradigms in the Auction arena with the type of property you take to Auction or not. Our philosophy; a skilled Auction Realtor can Auction any type of property and this was proven when a one bedroom apartment, with no car bay in Perth City was auctioned attracting five bidders and selling under the Hammer, this is a shift from tradition that signals auctions are the most transparent and successful method to sell a property.

*Source: REIWA