Sydney woke to the headlines on Sunday morning revealing the lowest Spring Auction Clearance Rates in 3 years, amid claims the ‘Boom market’ has now ended.
Yes, rates were down at 71% but the median sale price was still up at $1,080,000 which suggests strong buyers, albeit lower in numbers, still strong. We have only just hit the Spring market, a lot of Vendors may still be preparing property for sale, buyers sitting on their hands watching interest rates and the Australian dollar and waiting with bated breath for the market to ‘drop’.
I have had a number of conversations with bankers, investors, vendors and purchasers – to name a few – who have all asked about the market ‘dropping’ and speculating the same. All we have to go on are numbers through open homes and Clearance Rates at Auctions – which still seem healthy.
One financial planner I spoke to said he hasn’t witnessed a drop in mortgage approvals at his bank, while headlines often suggest otherwise – it aint over ’til the fat lady sings, right?
There were 832 Auctions scheduled to take place at the weekend, of these, 598 took place and 460 were reported as sold.
As always, the properties reported to have been sold rely solely on the information being provided by the agent – which is often hard to come by or incorrect – for a number of reasons.
For now, we continue business as usual and persevere, the Sydney market is typically strong and wobbles slightly. Being the international City that we are now with the schools, infrastructure, migration and businesses – we wont stay ‘down’ for long.
Thomas Merriman.
Thomas Merriman 