The last weekend in Winter presented us with a more typical Winter Auction clearance rate than what has typically been resulting in Winter.
Although we did have a couple of dips below 80% the latter part of the season has seen more consistency in it’s low results.
While the median sale price at Auction is still up, the indication is that buyers are thinned on the ground but budgets are still strong, or, ‘realistic’.
Most agents I speak with and certainly regular clients and other people in the industry have noticed a drop off of competition at Auction and open-homes. This may purely be an indication of supply taking over demand with a lot of buying having taken place for a large part of the year, demand is naturally dwindling.
With 816 properties scheduled to go for Auction at the weekend, 646 were reported to have taken place and 514 were reported to have sold. Noteworthy, these 514 reported sale across Sydney amassed $503,433,937 with the Median sale price at Auction up at $1,100,000 which is indicating strong buying patterns for those still in the market for property.
Either that or a more expensive type of property regularly going to Auction, I would attribute it to property is now more expensive – which isn’t a bad thing as we may be led to believe.
The Auction Clearance Rate was 74% – as I normally say, this is lower than we are used to in the recent history of this ‘boom’ but still means that the majority of property is selling under the hammer showing buyer desperation and good selling conditions.
Thomas Merriman.
Thomas Merriman 