… And we are still waiting for the market to take off for the Spring.
We were all expecting things to pick up, stock on the market, prices at Auction and Clearance Rates as well but it hasn’t necessarily happened.
With all fairness there was 840 Auctions scheduled to take placein Sydney at the weekend, which is a high number of property but the clearance rate was still down at 72%. In the Upper North Shore of Sydney it certainly felt as though stock was lighter on the ground than previous Spring market launch.
The good thing for Vendor watching the market is, Property prices were still up at the weekend at Auction, with the median sale price up at $1,130,000 which shows that the buyers that are watching, waiting and ultimately, buying in this market are spending money.
As with Auction Clearance Rates, when we get a weekend or two of unexpected results, we need not jump to conclusions – other than mere commentary. From all aspects we have excellent selling conditions; good weather on its way, Interest rates are still low and the Australian Dollar is still weak against most international investment markets.
As a Vendor, conditions are good to sell but as I remind buyers constantly, there has been many ‘booms’ in the Sydney market where purchasers and investors still make money, especially those with a long-term view.
The strange thing from the weekend was, of the 840 properties listed to go to Auction only 639 took place, I am unsure as to what percentage sold prior and what was withdrawn however, 500 sold under the hammer.
Thomas Merriman.
Thomas Merriman 