At least we are seeing a sign of consistency, for the first time in this ‘boom market’; Auction Clearance Rates were steady at 58% at the weekend.
We must take the good from what we have seen lately, which is; despite a drop of around 20-25% in Auction Clearance Rates we have seen continual growth in price, significantly higher listing number and a relatively high number of property clearing at Auction despite the competition.
Last weekend there was originally 885 properties scheduled for Auction with 536 reported to have taken place and 375 properties reportedly sold under the hammer. What is good about this is that if we focus solely on the amount of property sold at Auction and the median price at which it sold, we are still seeing signs of a strong market.
Buyers are starting to show signs of confidence and vendors are seeing the positives in being the main beneficiaries of a strong market with the median sale price at Auction up at $1,128,500.
Happy buying, happy selling.
Thomas Merriman.
Thomas Merriman 