There has been a lot of talk, over the past week especially, in regard to the rising ‘median’ property prices in Sydney, being speculation that it will tip the $1M mark.
However, the median price for property cleared at Auction has been, for the most part, above $1M for the majority of 2015.
Property prices are discussed regularly in a variety of forums, especially in a successful and buoyant market like Sydney’s, but it’s important to know that the median is merely a cross-section of prices of property sold, not the average.
This weekend saw the clearance rate drop below 85%, which was the same level that we witnessed as last years record high.
I would see no reason for concern at this stage that the clearance rate may be starting a downward turn, however, it is proof that we have been spoiled.
There were originally 556 properties listed to go to Auction with 438 reported as taking place and 390 selling under the hammer giving us a clearance rate of 84%.
The median price for property sold under the hammer at the weekend was up around $1,095,000 which continually shows us that there is still high-end property selling at Auction.
There seems to still be buyers in the market and although traditionally Winter brings a lull in sales and listings, it would be evident that while the buyers are there, so too are the listings, which ultimately leads to sales.
Thomas Merriman.
Thomas Merriman 