Fewer Properties Auctioned Last Weekend
Last weekend there were only 509 properties going under the hammer. That number is lower than the previous week (539) and fewer than this time last year.
The lack of stock on the market will keep the auction clearance rates in the 70’s once again. The upper north shore had only 78 properties going to auction. That is a small number when you consider the upper north shore statistics covers from Chatswood to Hornsby. There are 9 suburbs on the train line alone between Chatswood and Hornsby (not including all the other surrounding suburbs) would give us an average of 8.5 properties per suburb.
The eastern suburbs is had only 58 properties going under the hammer this past weekend. Again, if we average out the 58 properties by the 21 suburbs within the eastern suburbs, it gives us 2.76 properties per suburb, making the situation even more difficult for property hunters.
It is blatantly obvious in the this graph that as there is more stock on the market, the clearance rates start to come down;
So how did Sydney perform last weekend?
Sydney - CR 70.3%, Listed 523, Reported 364, Sold 287, Withdrawn 44, Total Val $287.1M, Median House $1,330,000, Unit $877,500.
Last Week Revised - 2/4/2016
Sydney - CR 67.3% (down from 73.7%), Listed 538, Reported 447, Sold 337, Withdrawn 54, Total Val $312.8M.
Same Weekend Last Year 11/4/2015
Sydney - CR 83.5%, Listed 536, Reported 476, Sold 421, Withdraw 28, Total Val $462.6M, Median House $1,200,000, Unit $785,000.
With the number of properties going to auction being so low, why wouldn’t potential vendors make the most of the opportunity? There is now less than half the number of properties there were in the middle of spring last year when the numbers peaked at 1,083 and the clearance rate dropped to 59.2%.
It is a simple case of supply and demand. So, why would you wait until spring to sell?