There was a lot of negative discussion about the market leading up to last weeks Real Estate Auctions’ ‘Super Saturday’. Afterward however, I had a discussion with somebody who asked me what the clearance rate was and when I replied with ‘ 70%’ they said ‘that’s fantastic, I can’t believe how good the market is travelling, especially with so much competition’.
This made me feel good.
It seems that when the market is at its worst, nobody can foresee another upturn, conversely, when we are used to to 80% + auction clearance rates, the minute it drops 1% below 80% or closer to 70% all of a sudden, ‘the bubble has popped’ and Real Estate in Sydney has ‘dropped off’, not so. The Median price of property clearing at Auction is still at $1,100,000 or above, dragging the average property price up across the Sydney market every Saturday.
Last Saturdays long-weekend Auction results were at 70% which is a great reflection of the market as the long weekends are typically not the best for open homes, and ultimately, Auctions.
There was 373 Auctions scheduled to take place and 253 which were reported to have taken place and ultimately 197 sold under the hammer.
Thomas Merriman.
Thomas Merriman 