Auction this weekend - Variation in Open Inspection numbers

House is currently on market for auction this Saturday. Have 7-8 requests for contracts, waiting to hear back from agent for a run down in how it's looking. However, first saturday open home we had 15 groups through, and last Saturday only 2 groups through. The feedback first weekend was very positive with what appeared to be 6 genuinely interested parties.

Anyway the significant decrease to the last Saturdays open seems slightly worrying. Agent has said there is a slight down turn.

With 25 groups through in total (including mid weeks) and 7-8 contracts out, for the selling and buyers agents on this forum, how does this bode for the upcoming auction this weekend? Generally is there a rule of how many contracts out will result in ?? How many bidders? We have only had one group come through a second time and seem very interested. Are people bidding these days after seeing the property only once?

Thoughts appreciated.
 
Tell me about it.. First week great, the next was pretty bad. Almost inexplicable consudering the feedback from week 1 overall was very good.
 
A lot of "normal" people I talk to who are looking to buy have worked out that the Sydney market is hot and the best bet is to try to view properties in the first week and make offers; they even know it's better to try to view the property and make an offer BEFORE it has the first OFI. So my guess is that all the potential buyers have seen the place and those who are keen to bid will be there on the day.

I don't know why you are worrying about this stuff: this is the agent job.
 
Thanks Vaughan, that makes sense. Our suburb only 20 properties on market so even when super hot there's probably not the huge numbers that you might see at inner west opens etc. I know..it's the agent's job....a skilful agent but can be hard to get feedback from..see how it goes Saturday. We now have 2 groups returning for 2nd inspection on Wednesday.ill try chill
 
I'm feeling the same way. My auction is this weekend too and numbers at opens are way down. Auctions are passing in these last 2 weeks which is a rarity around here. Agent was telling me tonight to have a fallback option as she thinks we've seen the end of the crazy prices here. 5 contracts have issues and price indication from buyers is 40-45k under my intended reserve which based on recent sales is very realistic. Now I'm getting nervous.
 
Perhaps it's not great timing for us beachgurl close to Xmas.. Not sure. Or perhaps both our agents are 'conditioning' us?? Standard tactic? we are sitting with 2 to definitely attend and bid with a couple of maybes. the apparent budget for one of our interested bidders is 100k below our reserve. but who would tell an agent what their actual budget is? i wouldnt.. Price infication if agent being truthful has been about 50-100kbelow, and my reserve iscevidence based on recent sakes. Either way it's not the 30-40 groups at opens that I thought might occur and have seen myself lately at others..
 
beachgurl / Breamster,

Are you able to share what suburbs your auctions will be taking place?

Been keeping an eye on Sydney and trying to get a feel for things (having just moved for Melbourne). I'm looking to purchase early-mid 2014.
 
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