Auction attempt aims to stimulate constrained real estate market

Confident the worst is over for Australia’s property market, one national real estate agency is embarking on a world record attempt with its auctions this spring.

According to housing market analyst Michael Matusik, the real estate market is about to rally with interest rate rises becoming a thing of the past. He predicts a decrease in rates later this year which, when coupled with strong population growth and an undersupply of new builds and properties for sale and rent, will see more sellers putting their property on the market and buyers making a comeback.

To capitalise on this shift, Harcourts Australia has today announced its bold goal to host 500 auctions on one day timed in with the cyclical spring uptick in activity and what it says is a confluence of positive influences on the correction of the market.

Dubbed ‘Blue Friday’, and occurring right across Australia, the event will consist of the largest number of properties ever to go under the auction hammer in a single day.

“To my knowledge, an auction event on this scale has never been attempted before,” Harcourts Australia CEO Adrian Knowles said, “and I’ve been involved in real estate a long time.”

Blue Friday will occur on Friday September 22 with auctions hosted in offices and on-site at properties all around Australia. 

“We’re taking the notion of the world’s biggest online sale - Black Friday - and using that well-known concept to shake up the real estate market by getting buyers and sellers involved in a one day property bonanza.” 

“We’re confident that the factors stalling the market are about to subside, and the time for sellers to make the most of the market is spring when buyers come out of the woodwork, and properties typically look at their best.”

A percentage of proceeds from Blue Friday will be donated to Beyond Blue.