The Winter market has survived so far this year, and we should not be surprised, or should we?
With tighter restrictions on foreign buyers and and – what should be – an exhausted Sydney market, none of the normal Winter woes seem to have hindered the market at all.
In fact, low stock levels and record-low interest rates have also been a positive influence on the Australian market as a whole, as a lot of other capital cities pick up, not just Sydney.
I was doing some quick research and the first week of Auctions for August last year (2015) looked something like this:
Scheduled: 848
Took place: 674
Sold: 539
Clearance Rate: 75%
Median sale price: $960,000
First week of August Auctions this year: Click Here
The second week in August:
Scheduled: 724
Took place: 553
Sold: 472
Clearance Rate: 80%
What these figures may suggest, is that, while we are not yet back at 80% clearance rates and with low stock levels, comparatively, we may still have a bit of a way to go in this marathon high market.
In fact, the Sydney market has not hit 80% Clearance rates since the second week in August last year – if my memory serves me correctly.
Around the world:
Canada have just announced a tough 15% tax on all foreign buyers which is set to unbuckle a large number of pending transactions. This tough law was apparently implemented to slow the heated property market.
Brexit seems to still be causing negative fluctuation in the London property market with property above £1M falling by up to 10% in some areas.
Chinas property market has seen a sharp resurgence but there is talk coming out of the RBA that it wont last.
I wonder when the nail in the coffin will come for us?
Thomas Merriman.
Thomas Merriman 