Well, it seems to be going on for too long to be a false rally, the Auction Clearance Rates were supposed to – by speculation – peak and trough quite quickly this year.
In fact, most rhetoric was surrounding the market ‘crashing’ with people even forming financial opinions against the market, by way of option-trading and the like.
Auction results at the weekend however, seem to be still quite strong with a preliminary figure at 76% of all properties reported to have gone under the hammer selling.
With 911 Auctions originally scheduled to go under the hammer on a weekend which can be mixed with results being ‘pre-Easter’, buyers were out in force and obviously buying strong. It has been clear that vendors must be waiting to see what the market has to hold for them after the Easter long weekend as stock has been an issue with most agents I speak with. Buyers are starting to multiply and the notion of a ‘buyers market’ is starting to become untrue. For now.
The median price of property cleared at Auction was reportedly $1,169,500 which is massive and the the 76% clearance rate was a portion of 639 Auction reported to have gone under the hammer.
Thomas Merriman.
Thomas Merriman 