The biggest week in auctions went off as expected in Dubbo with nine homes going under the hammer.
Between Tuesday and Saturday nine properties were auctioned in Dubbo. Of those, four were sold.
A four-bedroom house on Debeaufort Drive was auctioned for $611,000, followed by a two-bedroom house in Bultje Street which went for $462,000 on Thursday, another two-bedroom on Bultje Street which sold at auction for $321,500 on Friday, and a three-bedroom house on Macquarie Street went for $510,000 on Saturday.
Five houses were passed in.
It's basically the last weekend you can sell before Christmas.
There was a four-bedroom house in Nancarrow Street, a five-bedroom house in Brigalow Avenue, a two-bedroom house in Boundary Road, a five-bedroom house in Hennessy Drive and a five-bedroom house in Allandale Drive.
Real Estate Institute of NSW -Orana division chairman Bob Berry said the last weekend in November had always been one of the biggest of the year for auctions.
“It’s basically the last weekend you can sell before Christmas,” Mr Berry said.
“People start to wind down now. Solicitors close down over Christmas and so settlements don’t take place.”
While he had known of weeks throughout the year with high numbers of auctions, Mr Berry said the number in Dubbo was still impressive.
“It’s quite significant for nine properties to go up that weekend. That’s about the number you would expect because people want to get settled before the end of the year,” he said.
The number sold, compared to the number passed in was also expected, Mr Berry said.
An increase in auctions has been seen recently, Mr Berry said, since the NSW government amended the Property Stock and Business Agents Act to prevent real estate agents by underquoting. As part of the changes selling properties through the ‘offers over’ method is now prohibited.
The REINSW Orana division opposed the changes.
Mr Berry said some of properties under auction in the past week would have previously been sold through the offers over method.