Well, would you look at that!
Last week, the Auction Clearance Rate was, for the first time – it seemed – this year, below 70% and the frenzy began, media sharks circled, doomsday was upon us.
The weekend just gone, well, that was a different story; ‘the boom continues’, ‘no sign of property prices easing’, it goes on. Reactionary. But are we surprised?
So, without further adieu, the Clearance Rate; 71%.
There were originally a large number of properties scheduled for Auction at 426 with 297 reported to have taken place, which is a big difference. It would be interesting to know exactly whether the 130 odd properties that didn’t make it were sold prior.
The number sold was obviously a large proportion at 232 with 29 withdrawn.
It is exciting to see the trend continue even with the negative speculation that ‘high prices’ can ‘price buyers out of the market’ it also keeps interest in property, property trading and motivates, or, stimulates a number of related industries – think ‘mining boom’.
I would love to see people putting a bit more time an effort into saving and researching how to become a home owner, looking at rent-vesting instead of complaining!
Note: Rent-vesting is where one loves their suburb but cant afford to buy in it subsequently purchasing a property in an affordable price-range somewhere else and living in the sexy suburb.
Remember, we still have ‘cheap money’ by way of low interest rates and whilst stock is low now, I think we will have a rise in competition in stock shortly, possibly to the buyers advantage.
However, with the clearance rate spiking slightly on the week before, the median price was down slightly at $1,100,000 which is interesting to observe.
Let’s see!
Thomas Merriman.
Thomas Merriman 