As we all know election time is coming up on August the 21st this year, and many are wondering if this means auctions shouldn’t be held on this date.
While in general less people are known to hold auctions on the date of an election it hasn’t been known to have a noticeable impact on clearance rates.
Of course much like holidays and sport seasons, many will shift their auction times so as they don’t coincide with important events, but if you think about it more people will be out and about on an election day, so there could even be more people showing up then expected.
Data from the REIV during the last Federal Election in November 2007 (which was a peak selling season) showed many vendors moving their auctions to the weekends before and after the election.
According to REIV –
“There were 897 auctions the fortnight before the election, and in the weekend previous to that, 1197. On Election Day, the numbers dropped to 689 before lifting again to 997 the weekend after.
The Election Day may have had an impact on listings but the clearance rate was unaffected as it remained between 78 and 81 per cent throughout the period.”
Previous elections have also seen similar results. The message here is that even if you decide to auction your home on Election Day, it is unlikely that this will leave you with negative selling results.