Thomas Merriman

Well, it’s almost predictable, well, nothing is predictable – call me a pessimist. …
The Auction Clearance Rate went up at the weekend and the ‘median sale price’ [at Auction] dipped on last years average.

I oft commented on the clearance rates’ impact on the median price of property sold at Auction, but I am no genius, that is just obvious, more property, more variable, lower median. … ?

Now, enough of that, the number of properties scheduled to go to Auction; 215, the number which made it; 162 and the number sold; 124 which gives us a clearance rate of 73% REPORTEDLY!
Please be aware that, as I always say, these figures are reported figures, not accurate figures, meaning some can slip through the cracks. But, also be aware that the clearance rate is the percentage of properties sold that were scheduled for Auction, not just properties that were Auctioned.

It is next to impossible to predict where the market will head, there has already been a slew of contradicting predictions that have come out this year, most before the ‘market’ had even begun. So let’s just watch and wait.

So far, the apartment market including ‘off-the-plan’ has been set to dip, apparently.
The residential market in Sydney is set to grow at 1% if at all, apparently.
And, the Chinese investors are said and done, in Sydney, apparently.
This could all be true, but so far it isn’t apparent in the market, we may have to wait a little longer before anybody can pat themselves on the back.

Thomas Merriman.