What an amazing weekend of revelations at Auctions!
While the market seems to be taking a hit from buyers showing resistance, and lower numbers at that, the prices seemed to be still quite high.
Auction Clearance Rates were down but the median sale price went up – considerably.
Typically in the lead up to Spring a lot of property starts to hit the market and while an increase in property can impact upon demand, driving prices down or lowering buyer desperation, it seems that we are in a lull at the moment. Still down from Summer/Autumn but in a lull.
Each week the Clearance Rates are still around 80% and while most people don’t think this had much of an impact on the market, look at it from the buyers perspective.
The Auction Clearance Rate at the weekend was down at 76% (depending on which publication you read of course) with 724 properties scheduled for Auction, of this 547 were reported to have taken place with 447 selling under the hammer.
The amazing thing to come out of the weekends results is the median sale price; $1,145,000 so while the desperation isn’t seemingly there at Auction, the budget definitely is. This could be a higher number of more expensive property going for Auction, but it definitely shows an increase in prices on a whole at the weekend.
It may be that we still get a surge of property in Spring and prices carry but Auctions aren’t providing the desperation they were in Summer/Autumn.
Thomas Merriman.
Thomas Merriman 