In typical Sydney fashion, once the Auction clearance rate dips, sparking signs of the bubble popping, igniting conversation among media types and Real Estate spectators, the Auction rate lifts, ever so slightly.
Well, ‘ever so slightly’ with respect to the weekly tradition in this current market.
The weekend just gone has put a bit of wind into the sails of Sydney’s volatile, yet buoyant property market.
With 630 properties originally scheduled for Auction and 476 properties reportedly taking place, it seemed to be another relatively big weekend for Auctioneers, vendors and purchasers at the weekend.
Of the 476 properties reported to have gone to Auction, 414 sold under the hammer giving us a solid 83% clearance rate.
The other big NEWS out of the weekend was the median sale price at Auction was back up in the Millions at $1,100,000.
It’s a funny thing that when the median is down it seems that the Auction clearance rate is down too. I have no solid evidence I wish to draw on immediately, further, I have no explanation. However, just an interesting thing to observe.
It looks like frost, snow, sleet and rain aside Sydney is still going strong.
Bring on the spring dew!
Thomas Merriman.
Thomas Merriman 