Auction listings drop 2.9% QoQ in 4Q23
There were 99 listings in the last quarter of 2023.
The fourth quarter of 2023 saw 99 auction listings, a 2.9% QoQ drop. YoY, auction listings in 4Q23 remained unchanged.
The drop was likely due to the decline in owner-sale listings and other types of sales, including estate, receiver and trustee sales.
In 4Q23, owner sale listings fell 8.3% YoY to 66, whilst listings from other types of sales dwindled by 33% QoQ to a mere two.
Mortgagee sale listings, on the other hand, rose more than three times to 31.
Adding the 4Q23 numbers, the total auction listings for 2023 was 360.
2023 saw 24 properties knocked down, totalling $34.8m in gross sales value, translating to a success rate of 6.7%.
“The success rate of 6.7% in 2023 is historically typical for the auction market, considering the pre-pandemic range of 1% to 6% success rates recorded from 2015 to 2019,” Knight Frank commented.
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