Success.
Typically after a long weekend, figures for Auction clearance Rates are down, only due to travelling purchasers and activity outside of property purchasing.
However, it would seem that even with the typical attributes of a long weekend, colder weather and record high sale-prices, people were certainly out and about at Auctions. While a reduced number of property was listed for Auction; 395, with 311 reported to have gone up, 274 were reportedly sold under the hammer.
The main thing that caught my attention after the Auctions at the weekend was the ‘Median’ sale price for property at Auction which was $935,000. Be aware that ‘median’ is not the mathematical average and that the median at Auction is different to the median sale price across Sydney, as it only takes into account the property sold under the hammer.
What we can deduce from this figure is the type of property going for Auction at any given time, when the figure is lower, it has to do with the type of property sold i.e apartments and smaller homes would have contributed to this median after June 6 Auctions. Whereas a few weeks ago when the price was above $1.1M there may have been a lot of higher-end property at Auction, dragging this figure up.
It has no direct relation with the ‘average house price’ across Sydney other than the fact that every property that sells contributes to an overall figure.
It will be interesting to see if it was the higher-end property selling prior to Auction (or, withdrawn) or whether agents held Auctions for these properties for after the Long weekend, however, I have not noticed a dip in higher-end property on the market, in fact it is still selling well.
Property prices may have been documented in the media as dropping slightly last week but demand is still there and the market is still strong with property and purchasers.
Thomas Merriman.
Thomas Merriman 