What a massive weekend for Auctions, clearly the market is still buoyant and may continue.
Data in Sydney would suggest that property prices do dip and rise continuously, normally a dip after a rise and never a dip too steep to not allow a comeback.
People who have bought in historically high markets have made money because of the strength of the ‘bricks & mortar’ debate regarding investing in Sydney, most people seem to spruik this concept – especially property investors.
This weekend just gone is typically referred to as ‘Super Saturday’ and with close to 1,000 Auctions scheduled to take place it was shaping up well to be a very super Saturday.
Of the original schedule 728 Auctions took place and 560 were reportedly sold under the hammer. At this number of 728 Auctions that took place, if I am not mistaken, this is the highest percentage of properties that went to Auction of the original scheduled number this year – or at least since the first quarter.
Of the 560 that were reported to have been sold the median price was $1,107,500 which is incredible, showing good strength in pricing results from the Auctions that are successful.
There is no doubt that the growth will have to stop or slow. I don’t believe we will see a drop, at least not a universal drop across the Sydney market, as some outliers may experience a drop due to the extreme top end. On a whole, I think we may have more stability soon, which the market is craving.
Finally, the Clearance Rate; 70%. This is a fantastic result for anybody watching the market, for buyers it should give confidence to buy with solid competition in properties to inspect. Vendors, the competition is still out there with a reasonable numbers of buyers still looking to buy either trading up, trading down or buying for the first time.
Thomas Merriman.
Thomas Merriman 