Clearance rate this weekend!

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From: Peter Davidson


Interesting. The clearance rate for auctions for Melbourne this weekend was below 80% for the first time in 6 months! Market jitters or vendor expectations too high?

I'd say both and what's the bet clearance rates fall even further in the next few weeks/months as people begin to realise that property is overpriced and that interest rates are not going to stay low forever.

Regards,
Pete.

 

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Reply: 1
From: Jim Kouta


Hmm, I was at an auction on Saturday and vendors were expecting $330K. They only got $301K and property was passed in. A Real estate agent who I know quite well has urged all those wanting to sell, to sell NOW! They are expecting a downturn. Another four Real Estate agents that I also know quite well haven't purchased anything in the last 2 years. Note that these guys are BIG residential investors and have been in the game for many years, ie. seen the cycles. These guys are also expecting a huge slowdown saying the market is currently over-inflated.

 

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Reply: 1.1
From: See Change


Haven't seen any formal figures quoted for syd , but did own calculations based on figures quoted in sunday paper. I allocated the " withdrawn from sale " to the passed in column.

Sales for first part of week about 70% clearance

sales for saturday 73 %

Agents at open houses ( that I went to ) in upper north shore reported decreased numbers at open houses. Neighbor who is agent said " it was the same old faces " she was seeing at her open houses. ie no new buyers, ? only those who have already made commitment to buy. The person who bought our house last week had been looking for 12 months and had been gazzumped on more than one occasion.

safe investing see change