And, it continues.
The Auction clearance rate has dropped again slightly at the weekend, adding fuel to the already strong-burning Fire. During winter where we were experiencing unprecedentedly high clearance rates, there was a lot of hype suggesting that the auction clearance rates play no role in the overall sentiment of the market. Now, however, it seems to be the be all and end all of the market with banks commenting on their interest rates, media commenting on its importance and buyers and sellers sweating the results each week.
At 65% we are not at the impressively high levels we have been used to, it is slightly lower again and on a continuing downward spiral but it is not horrible.
I would say the reason it is not as strong may been the slight drop in buyers, increase in stock and number of properties selling prior. There is also a bit of ‘higher vendor expectations’ and a little bit of a larger portion of more expensive property on the market also.
874 properties were scheduled to go to auction at the weekend with 530 taking place and reportedly were sold under the hammer.
The median price at auction, a staggering $1,105,000 which is showing strong pricing.
Thomas Merriman.
Thomas Merriman 