The Sydney Auction market seems to be neutral at the moment with clearance rates between 50% and 60%. However, there has been a strong shift toward selling prior, and buyers waiting to negotiate, post Auction.
Buyers are always hoping to pick up on any small piece of negative coverage in the media and sellers will always hold on to the last positive sale in the area or good news on the horizon. It is important to continue to look at what is happening locally and read it in context with the market on a larger scale.
As is standard in any market their are highs and lows and typically in property the wave is gradual and happens over a 5 to 10 year period. When buying, consider the time you will be in the home or hold the asset and whether that will equate to long term growth rather than real time losses. When selling, look at the area you are buying in to and see if there is a similar neutral or greater loss in live prices to assess whether it is beneficial to still sell in a neutral market.
The Clearance rate was at 56% with 499 Auction listed to go up and 295 recorded to have taken place. There were 202 reported sales under the hammer.
The Median sale price was $1,255,000 which is still very high.
Thomas Merriman.
Thomas Merriman 