Well, it is quite obvious to see what the buyers think of the market at the moment with the highest amount of withdrawn properties I have seen for a while. Before I mention the number, I must also add, that sometimes these properties are withdrawn with conditional offers and other negotiations in play.
There were originally 993 properties scheduled for Auction with 114 withdrawn.
516 were reported to have taken place and 414 reported to have sold under the hammer which is not bad at 66% clearance.
There are still properties selling for good prices in the market, but there is an obvious void between what owners are valuing their homes at and what the buyers’ mathematics comes back at in return.
I must make it clear that prices are not ‘dropping’ but the growth has stopped so the expected prices may be slightly inflated based on the past growth figures compared to where they are currently sitting as the market has stabilised.
Most things are selling and there are still plenty of buyers out there and with a few weeks left of scheduled open homes, I would think that most property will sell before Christmas if the prices are right.
Next year is looking good already as I have seen a bit of property getting signed up to hit the market and have witnessed the amount of buyers out there that haven’t bought yet.
Let’s see what happens.
Thomas Merriman.
Thomas Merriman 