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Auction clearances remain low despite the spring selling season

Now that the football season is over and the spring property selling season is underway media commentators were expecting auction clearance rates to rise and are suggesting that auctions continue to disappoint property sellers, because clearance rates are well below the figures of the same time last year.

In Sydney which has been the strongest real estate market over the past year or so, 55% per cent of the city’s 403 properties that were up for auction at the weekend sold according to Australian Property Monitors — slightly down from the previous week’s 57%

On the corresponding weekend last year, Sydney recorded a clearance rate of 60%.

In Melbourne, 59% of 557 properties sold under the hammer, compared with 62% at the same time last year, according to Australian Property Monitors.

In Adelaide, the weekend’s clearance rate was 39% while in Brisbane 23% of houses offered for auction were sold, up from 18% the previous weekend. In these smaller markets these figures are probably not statistically significant.

With our property markets being slower and with the lac of buyer confidence, these figures don’t surprise me.

In the 2 bi auction markets, Sydney and Melbourne, I’ve found that while, in general, there are many properties for sale, many are secondary properties and the informed market recognizes this.

Many vendors with quality properties are holding back putting them up for sale, but those that do come on the market generally attract good competition form multiple potential purchasers – either at auction or private sale.

But there is no doubt that property values have fallen a little since this time last year, particularly at the upper end of the market.



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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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