The big news at the moment seems to be the ‘lack of stock’ because everybody needs justification as to why the market is either high or rising or about to crash.
There is definitely truth in that though, there is a lack of stock but we have had a few years of very active selling, we may be at an exhaustion point, people can only sell so often.
Whatever it is, the numbers are still up, for now.
The big news from the weekend is the median clearance price for properties sold under the hammer was well up at $1,260,000 which means the lower end is rising.
However, I think a slowing unit market may be to blame for the higher median, with less sub $1M property selling under the hammer than previously.
There were 567 properties originally scheduled for Auction with 398 reported to have taken place and 336 selling, with 38 withdrawn for whatever reason.
The Clearance rate was still high at 77%.
Thomas Merriman.
Thomas Merriman 