To say that a long weekend in Melbourne affects the number of auctions held would be an understatement. There was just one auction scheduled today, which sold before, after 60-plus auctions last weekend and 70-plus the previous weekend. It is perhaps a welcome break in the momentum to allow buyers and sellers alike to take stock and re-assess their place in the market.
Many buyers are anticipating a deluge of new listings to arrive over the next week and will be disappointed. Campaigns commencing next weekend would generally conclude on the Easter weekend and even those starting in the following three to four weeks will have their campaigns significantly perforated by school holidays. Not that this is an issue for many market sectors, but family homes in particular (and, of course, such offerings lead the way in terms of the higher priced properties in most suburbs) are usually held back until after a set of school holidays. Buyers will need to satisfy themselves with the lower levels of choice for the duration. It is this scarcity that ensures prices remain firm and those homes remaining unsold from late summer auctions can often find a buyer.
Vendors should also take note that quieter listing times can provide more market focus on those properties that are available. While the supply/demand ratio tips in their favour, they should not be deterred from putting their homes up for sale right away; in particular, those who own not-so-family-orientated homes (single fronted cottages, townhouses, units and so on). The market will be rich with opportunity over coming weeks, especially in this sector.