The ongoing speculation of a crashing market has lead buyers into a self fulfilling prophecy. There are still plenty of buyers out there, there are still plenty of people ready to buy but it seems they are sitting on their hands as we wait and see what will happen.
Ultimately, this may lead to a short downturn in Auction results and possibly prices but is it the ‘end’.
Sydney Auction results were still strong, up at 76% with a large number of properties going under the hammer at the weekend.
As discussed in previous weeks, when there is a spike in the number of properties Auctioned, there is often a dip in clearance rates which may account for the 2/3% dip this weekend gone. Or it could be something else.
There were 836 properties originally scheduled with 548 properties reported to have gone under the hemmer and 453 reported to have sold. There were 49 properties reported to have been withdrawn for whatever reason.
The median sale price of property sold at auction was $1,290,000 which is definitely strong.