Yet another strong weekend at Auctions around Sydney, almost in spite of what the media coverage is suggesting.
Although we have seen a slight dip in clearance rate figures over the last few months, the figures we have seen are quite considerable, especially considering the high number of property going up for Auction.
Media articles, property websites and other Real Estate tabloids continue to use the decline in Chinese interest as ‘click-bait’ however, Real Estate prices continue to sit pretty, interesting?
Sydney is becoming such a global city and it is easy to get caught up in the hype about certain international interest, whether Chinese, Indian or any other identifiable criteria entering the Real Estate market. However, it would be remiss of us to firstly rely on this portion of the market and secondly, cause any friction that would divide them too as the times are changing and I have referred to the type of property market we now live in, in a previous post: Bull; we buy. Bear; we sell
Sydney Real Estate has become a ‘market’ and is, and probably always will be, now, a trading market.
The weekend saw the Clearance Rate at Auction stay strong at 70% with a massive 1020 properties scheduled for Auction and only 687 taking place. Many explanations could exist for the large number of property which didn’t make it to Auction as buyers are increasingly becoming wary of Auctions, property is often selling prior.
Of the 687 Auctions scheduled to take place, 533 were reportedly sold under the hammer keeping the Median Sale Price at Auction high also at $1,150,000 which is incredible.
Anybody who is waiting for the market to drop, I don’t know whether that is the best strategy, what we may see soon is a drop in buyer numbers but even with lower clearance rates, prices are still strong.
Thomas Merriman.
Thomas Merriman 
The market does still seem quite strong from my vantage point. This is despite what the media is saying presently. My only concern is the big gap between auctions and auctions reported which is widening. Maybe one to keep an eye on. On that would be good if we had more rigour around these stats as they are the best leading indicator by a mile of what’s “happening in the market” I reckon. Thanks Thomas.
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Agree. Issue is; Auction results are typically reported by agents and often agents are unlikely, or unwilling to reveal, disclose or respond. Some say Auction results don’t offer an indicator of the market, I would see it as a key indicator of buyer sentiment.
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