It’s not fair!
Not only am I locked indoors not being able to enjoy my normal lifestyle, but now I can’t even enjoy the fun and theatre of my weekend entertainment – property auctions.
I’ve always thought auctions were a bit like watching buskers - a bit of street theatre getting a crowd all excited.
But I’ve also found them a great way to buy properties, because of their transparency, and a great way to sell properties because of their immediacy – they set a deadline and all the interested buyers are herded together to give the best offer.
And of course, auctions gave a great real-time measurement of market sentiment, particularly happening in Melbourne and Sydney.
But that’s all changed hasn’t it?
Watch this week's Property Insider video as I discuss auction clearance rate as well as the latest findings of his new listing index with Dr Andrew Wilson, chief economist of My Housing Market.
Watch as we discuss:
Another good index of "real time" property market sentiment is Asking Prices, which historically correlated well with eventual sale prices.
At the beginning of this week, asking prices rose ever so slightly in Sydney, but fell a little in all other states compared to median city asking prices seven days beforehand
More telling our asking price changes compare to the first week of March before the coronavirus lead lockdown occurred, and here you can see that Sydney median asking prices are full about 2%.
- Also read:Latest property price forecasts for 2024 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Here’s how to avoid these 12 common reasons property investors fail to build a Multi Million Dollar Property Portfolio
- Also read:Sydney property market forecast for 2024
- Also read:Boom to bust: What makes property prices rise and fall
- Also read:This week’s Australian Property Market Update – Latest Data, State by State November 28th, 2023
Currently reported auction clearance rates are generally meaningless since properties that have been withdrawn from sale are classed the same as those that have not sold or are passed in.
Obviously with open air auctions not occurring, many properties are being withdrawn from sale and being sold privately.
However, the chart below from Dr Andrew Wilson shows that the significant number of properties still were reported as sold in Melbourne and Sydney over the weekend.
This would comprise those sold prior to auction as well as those sold by digital auction
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