It’s a little like last year now; a bit of a yo-yo of results in the Auctions market.
Of the properties I witnessed ‘pass in’ on the weekend I managed to secure a strong result prior on one and saw a few others ‘tied up’ not long after. What we are seeing more and more of now is buyers wanting to see property pass in and then try to obtain a ‘fair’ price from a wounded vendor not long after. The issue for these buyers, I feel, is that they are not the only buyer watching. …
It is no doubt we are seeing slower Auctions, less buyer numbers through open homes and more push-back from cashed up buyers. However, homes are selling and a median clearance price of $1,130,000 at Auction, at very good prices.
The Clearance rate at the weekend was 57%.
From 872 originally listed properties, scheduled for Auction, 559 of them took place and 371 were reported as ‘sold’ under the hammer.
At this end of the market when property doesn’t sell at Auction, we may also need to look to the vendors pricing expectations – but I didn’t say that. …
Thomas Merriman.
Thomas Merriman 