1000 homes on auction.

The Age reports 1000 homes on auction this weekend and quotes the REIV saying this will test the underlying demand following a new record median for Melbourne housing.

What do people here think will happen to the clearance rate, and to the market subsequently?

My view is that clearance rate on good properties with realistic prices will be 100% and a clearance lower than 80% overall will convince more buyers to enter the market next weekend looking for a bargain.

http://www.theage.com.au/business/median-house-price-hits-480000-20091023-hdfz.html
 
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According to the REIV's website a few minutes ago "There were 818 auctions reported today of which 670 sold resulting in a clearance rate of 82 per cent".

So if there were over 1000 auctions, is it fair to assume that most of the 182 non-reported auctions passed in?

If they did, then a clearance rate of 67% wouldn't be a very good message for the REIV to put out there...
 
Interesting question. Are non-reported those that are price withheld, or sale not concluded?

It's not due to price withheld, as there are many of those in the 670 properties reported. I'd imagine it's a mix of many things, including:
Agent too busy to report, or would rather be watching the Cox Plate than sending in results to the REIV; or
Agent doesn't want to report a non-sale; or
Some other reasons???
 
Saw a quick shot of results on the news tonight.
The agents were referring to all of it as Melbourne's boom with no sign of slowing. Apparently reaching the highest clearance rate since last year and with a new Melbourne median price of 490 , the highest ever.

They reckon due to the huge numbers moving to and looking for Melbourne property they don't see it slowing until at least late next year if at all.
Mind you there was no mention of Rudds grants and boosts and considering only 10 or 12 mths ago Melbourne's middle and upper were copping a serious hiding from what I've heard , you do have to wonder.
You also have to wonder about the effects of the handout wind backs in all of this and the real world from here on !


Cheers
 
The 134 sold before the auction might be a bit suspicious and wandoer if the 1000 for auction include that or not.
Anyway, black dragon reckon 60-70% of ureported auction are not sold. That still make a very good day for the auction market yesterday, no sign jet of any impact from reduced home grant and rate rise, I would expect in future report very high number of home loans and property mortgage amount to be well over 100% of gdp by year end
 
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