The latest media reports suggest that the ‘bubble’ may continue until the end of the year.
However, the latest Auction clearance rate is underwhelming with respect to the previous weeks and months of this crazy selling period.
I have said before, and I will say again; there is no need to panic after one weekend of lower Auction clearance rates as there could be a number of factors contributing to the results i.e School Holidays etc.
As has happened often this year, we have dipped slightly and bounced back the following week or in the weeks thereafter.
The latest Auction clearance rate was 80% with 615 properties originally listed for Auction and 472 properties reported to have gone up at the weekend. Of the 472 properties 397 were reportedly sold under the hammer.
Occasionally I caveat this figure with the point that these figures are not 100% accurate as they rely on correct reporting from Agents, Agencies and Auctioneers after Auctions.
Regardless, a clearance rate of 80% is a solid percentage of property clearing at Auction, it is just hard to adjust from the high 80’s to the low 80’s after seeing consistent clearance rate soaring high for so long.
I would imagine that if we are to continue this ‘bubble’ of property growth in Sydney, the clearance rate will climb again once the weather warms and school returns.
The median price of property cleared at Auction most recently was $972,500 which is a solid cross-section of property ranging from small apartments to larger homes and estates across Sydney.
Thomas Merriman.
Thomas Merriman 