Welcome back to the Auction market for 2018.
We have certainly seen some property go under the hammer in January and February however, the bulk of campaigns begin marketing after Australia day which tends to see more Auctions taking place at the end of Feb or beginning of March.
There is a lot of patchy results coming in across the Sydney market with some properties selling in under a week and before Auction and others rescheduling Auction dates to give the property more time on the market. There is no rhyme or reason, it would seem, for what process will take place in many of these situations.
Currently, there are still strong numbers of buyers reported around the marketplace, we are certainly seeing that in the Upper North Shore … we have also noticed a lot of NEW faces in the buyers.
Auction clearance rates at the weekend were good at 68% considering there were originally 801 properties listed to go under the hammer.
There were 482 reported to take place and 359 sold under the hammer, there were 68 withdrawn for whatever reason.
The balance of property may have either sold prior or rescheduled their auction date – as discussed above.
Some of the earlier results in the year have been good with the clearance rate staying between 60% and 70%.
Thomas Merriman.
Thomas Merriman 