If you were waiting for a rate cut at the hope that it would continue to stimulate the Real Estate market and were subsequently disappointed when the RBA announced it wasn’t cutting the rate after solid speculation that it would, hold on.
Auction Clearance Rates were up at record levels at the weekend, I mentioned after the Auctions of weekend 28th February that the pleasing result would only be a positive pointer for the future if it wasn’t the peak in Clearance Rate percentages. … And, it wasn’t.
Although there was 533 Auctions listed to take place, some half of the figure from the 28th of February, 417 took place with a massive 381 reportedly sold under the hammer. This means the Clearance Rate was up at 87% a number I didn’t think I would be writing this far into the year, especially after 88% a few weeks ago.
Although the APM figures are one percentage point apart, being down 1% this weekend gone, I am boosted with confidence at the continuation of this above 80% Clearance Rate hanging around a little longer.
The one thing that changed quite dramatically was the median price at Auction $998,000 a little down from previous weeks, this is not an issue with relative regard to the overall market however, as it is simply a median of property sold.
There are talks of the market easing, the bubble popping and the prices dropping but for the meantime there is still a lot of momentum, which is good for buyers and sellers.
Thomas Merriman.
Thomas Merriman 