Thomas Merriman

I hope a Happy Easter was had by all, by the look of the Auction Clearance Rates there was joy for Vendors across the Sydney market.

With only 34 Auctions originally set to go ahead, only 24 took place with a success of 19 sales.

This puts the Clearance Rate at 68%, which is not a bad percentage in the great scheme of things, albeit it trivial as to the conditions of which the Auction market took place at the weekend.

While the Clearance Rate was 68%, the Median sale price at Auction was way up at $1,375,000, which seems that the Auctions which took place were of a higher value overall. It may seem, that in the case of these Auctions there was probably no other alternative than to have the Auction on the long weekend. However, as with the Auctions early in the year, some agents or vendors used the holidays as somewhat of a strategy when selling property, taking advantage of the free time or holiday buyers.

As we were tracking at above 80% once the market took off this year, we need not take this dip as a sign of times to come, let’s wait until this coming weekend before we start to speculate at the markets future performance.

Note: we have a suspected rate cut to wait for, at the very least, rates will remain the same.

Thomas Merriman.