It has been a while since I can recall talking about Auction clearance rates dropping below 85% – either they haven’t or I am so used to talking about mid to high 80’s with regard to the percentage.
There was however a slight drop at the weekend to 83% in the overall property cleared under the hammer in the Sydney Real Estate market.
Whenever the rates drop, for one reason or another, I would always say that it would be premature to speculate as to whether it is the dark and dreaded POP in the so-called bubble. The median price of property cleared at the weekend was $1,075,000 which is certainly strong, and up on the last few weeks, in fact. If it were any gauge, it would indicate that more expensive property is clearing, albeit at any given rate within the 83% after the weekend.
There was originally 691 properties listed for Auction, with 572 properties going to Auction and ultimately 498 selling under the hammer.
For prospective vendors, the market is still thriving and seemingly, we are still getting strong numbers through open-homes.
For Purchasers, regardless of an impending dip in the market, Sydney Real Estate has always traditionally been a successful long-term investment option, so if you are looking to purchase with a long term outlook, don’t worry about a short-term ‘boom’.
Thomas Merriman 