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LJ Hooker predicts strong spring
Released 21 October 2010

Property group LJ Hooker is predicting a strong level of activity during the Spring Auction period driven by stable interest rates, rising clearance levels and a shortage of supply in the Sydney metropolitan area.  

According to RP Data, auctions have increased 17% nationally and LJ Hooker has experienced a 30% increase in auction sales over the past year since introducing a national “Spring Auction Fest” marketing campaign a year ago.

LJ Hooker Executive Chairman, L Janusz Hooker said: “Traditionally the Spring Auction period is the busiest time in the real estate calendar and we are seeing a number of indicators that suggest Spring 2010 will continue to reflect that.

“Over the last five weeks in Sydney we have seen a weekly average clearance rate of 61% with the average number of properties sold at auction per week increasing by 26% from August.

“With the federal election now behind us, vendors who held off listing their property during the election will now feel more confident in going to the market. Despite the cautionary words from the Reserve Bank of Australia about the outlook for interest rates, we remain confident about the auction seasongiven interest rates have been stable for the last four months and remain attractive for home buyers.

“We are also seeing a trend to auctions as the preferred channel for selling a property, as opposed to private treaty.”

According to Australian Property Monitors, the average days a property is on the market continues to fall across the country.

Hooker said: “Auction activity should increase with all indicators such as days on market suggesting good demand. In Sydney, days on market has dropped 22% from last year.