Almost a month into the new financial year and well into Winter and we are still looking at Auction Clearance Rates above 75%. While stock levels are reported to be a lower (than this time last year) there is an obvious trend that is continuing in buyer sentiment.
A look at the ASX 30 day interbank cash rate futures would suggest a 60% cut in the cash rate to 1.5% at the next announcement, this would help to fan the smouldering embers of the hot property market in Sydney.
There were originally 371 Auction scheduled to go up at the weekend with 253 reported to have taken place and 206 selling under the hammer. There were 20 properties withdrawn for whatever reason. These figures are from APM and suggest a clearance rate of 75% however, RPData is promoting a figures a few points higher, still a solid result either way.
The median sale price of property sold at the weekend was high at $1,185,500 suggesting that the low end may still be rising slightly, or there were more higher end properties Auctioned bringing this figure up.
Thomas Merriman.
Thomas Merriman 