Online Auction Index: Q4 2023

Auction is a growing sector and this year it’s going to continue to grow. The key thing for all agents in Q1 will be to focus on what you can control. Focus on your business, focus on ensuring that when you’re with clients you give them choice. If you’re giving consumers choice, you’re going to win more listings. Use auction as a listing tool and as a differentiator to help you to stand out from your competition.

I think it’s going to be an interesting quarter and already there’s a lot of noise around interest rates set to come down gradually over the first half of the year. Of course, this will be a huge benefit to consumers and support more activity in the market. It’s also worth being aware that it could see some people holding out during Q1 to see how low the rates go. So it’s likely that there will be a positive impact in the first quarter, but with an even stronger spring market.

We know there’s a chance of a general election in the second half of the year, with the possibility of a change in government. Previously we’ve seen that this can bring some hesitance to the market, with a slight stall in transactions whilst people wait to see what the outcome of the election will be and what that means, particularly for the property industry. We may see a small group of consumers carry this caution in Q1, until a decision around the election is made, but overall there’s potential for this to be a strong year, particularly as we move past these points.