Thomas Merriman

Absolutely insane.
That’s all I thought when I read the results from the weekends Auction results across Sydney, absolutely insane.

Not only was the whopping 1,128 listed Auctions a record for Sydney Auctions, it was also a lingering concern for Real Estate agents and vendors across Sydney. Last year when the listed Auction number crept up to over 1,000 we witnessed the Auction clearance rate drop, attributed solely to an influx of stock on the market.

Flashback; the weekend December 6 2014 saw just over 1,000 Auctions listed with the clearance rate dropping to just 71% – a number not to be sneezed at but over 10 points below the quarterly average, at the time.

Not this time.

Sydney had 1,128 Auctions listed to go ahead with 836 reported to have taken place.

Remembering off course, most agents would argue that these figures are not 100% correct all the time but if anything, inaccurate only on the low side rather than on the high side.

763 properties sold under Auction conditions at the weekend with the Clearance rate up at a mind-blowing 88%.
This has got to be some kind of indicator that either, this bubble is about to pop, or there is no bubble and we are just on a growing playing field.
It will be interesting to watch the market closely over the next few weeks to track this spike as stock is growing but with huge clearance rates, buyers are also buying.

It is important to note that the median house price is still in a similar range at $1,057,500. Although, this year has seen the median around the $800,000’s and as high as $1,100,000.

Thomas Merriman.