Auction Market Performing Well
Auction clearance rates remained high last week despite the distraction of two football grand finals and long weekends in some states.
There were 1215 properties taken to auction last weekend.
The preliminary clearance rate was 70.3%, down from 72% the previous week, according to CoreLogic figures.
Adelaide’s preliminary clearance rate was 79.3%, Sydney 71.7%, Brisbane, 70.7%, Melbourne, 66% and Canberra, 62.5%.
Louis Christopher of SQM Research expects the market to bounce back further next weekend.
He says housing prices are rising and although it is becoming more balanced it is still tipped in the favour of sellers.
“It’s not a robust recovery. There is still some caution out there, but there is still some aggressive bidding as well on certain properties,” he says.
“And then there are sellers who are not selling at all because they haven’t got the pricing right. This would not be a market where you get too aggressive on your asking price.”
