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Auction revival gets underway

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Despite the ongoing negative news about the prospects of Australia's housing markets, many buyers are snapping up properties at residential auctions according to PRDnationwide.

"Clearance rates are increasing - particularly in near-to-water locations," said PRDnationwide auctioneer Paul Cavanagh. "Big crowds and strong bidding pointed to an auction revival. Increasing numbers of bidders are registering and sales not made under the hammer are occurring in the immediate post auction period."

Cavanagh also noted that buyers are coming from right across the board, including expatriates from the Middle East, rural folks looking to buy a beach property, first homebuyers and retirees.

"There is a growing identification that serious buyers want to deal with serious sellers and the most serious sellers are being seen to be among those who choose to take their property to auction," he said.

Another evidence of strong buying interest was seen in the recent auction of a house in Port Macquarie, according to Clive Ince, PRDnationwide Port Macquarie. "It sold for a whopping $200,000 above reserve - after strong competition between 21 bidders pushed up the price. This shows that auctions continue to set the pace in this market of uncertainty," he said.

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