Well, we have definitely passed the tougher part of the Winter market with Sydney’s ‘warmest July weekend’ set to hit this weekend and stock number and sale prices looking up.
There were an average amount of properties scheduled for auction last weekend at 479 with 331 reported to have taken place and 275 reported to have sold.
This resulted in a 73% clearance rate at the weekend.
The interesting thing was the drop in median to $1,090,000 where it has been soaring around $1,300,000 for a while now.
The chat among agents has certainly been around the quality of stock actually going to market at the moment, while we typically like to see property with a number of solid buyers battle it out on the Auction floor, we have seen a shift recently.
Often, in this market, the properties going to auctions are the properties where either the agent or the owner has got nervous and sold prior or a buyer has simply presented an offer that cannot be refused.