In the face of looming speculation of a rate cut, the Auction Clearance Rates continued to perform for us at the weekend.
As at the 29th of April, the market is showing a 58% chance of a rate cut from the RBA tomorrow – Tuesday 3rd of April – with positive unemployment figures and steady growth factors for the economy said to be the reason.
It has been observed in the past that slightly prior to what the market perceives to be an impending rate cut, the Auction market flails slightly with buyers waiting to see what the banks do subsequent to a cut. Or in some cases, an impending rise, which would make more sense waiting.
This weekend had a few factors that I would have considered to be potentially impactful on Auction markets; School holidays just finished, Winter is setting in, although we would have actually been mistaken at the weekend and a rate announcement is on the cards.
However, we saw strong results.
Clearance Rate; 74% depending on where you read from, I have seen as low as 73% since Saturday. Originally, there were 672 Auctions listed to take place with 489 reported to have gone up and 385 reportedly sold with 33 withdrawn, for whatever reason.
The Median sale price for property at Auction was $1,152,500 which is solid and up on last weekend if I am not mistaken.
I wonder what we have in store this weekend?
Thomas Merriman.
Thomas Merriman 