That’s a wrap. … Well, for auctions anyway.
At this stage in the year, most agencies have wrapped up on all scheduled auctions for the year. There may still be a bit of stock on the market with vendors hopeful of a sale over the Christmas period which is unlikely but not unheard of.
At this stage with the amount of buyers left over and stock set to hit the market, January and February are setting up to be quite big months for the beginning of 2017 – in my opinion.
The clearance rate was high, still, at the weekend which compounds this suggestion that there is a bit of steam left in the market. Although there is quite popular sentiment that this current market will continue into the new year and potentially carry us through 2017. If this speculation is true, the current record low cash rate will stay the same or even drop throughout the year. There is also another school of thought that this may all have to end soon, which will see rises in things like cash and interest rates.
The weekend: Auction Clearance Rate was 76%
There was originally 908 properties listed for auction with 625 reported to have taken place and 522 sold under the hammer. The median sale price was still high at $1,250,000 which signifies the high proportion of expensive properties being Auctioned off, still.
Thomas Merriman.
Thomas Merriman 