Last Saturday’s Sydney property auctions splutter yet again. It’s now a trend.
June 18th, 2017
Downward trend confirmed: paltry unadjusted 70% clearance rate just reported by Domain from another very high 33% non reporting rate. And yet again, lots of sales prior to auction.
That’s nearly two months in a row with the effects of APRA’s tightening and interest rate rises only just beginning to work their way through the system.
What this means is today’s actual Sydney overall auction clearance rate is at best in the middle to low 60% range and highly likely even lower if our experiences in the field, the 55% clearance rate reported by the Cooley Auction team and the 50% reported tonight by one prominent inner west agent are any guide.
The other inner west agent we follow – the energetic one – has also just posted a worrying blog consistent with this trend that suggests the old days of dummy and collusive bidding spawned by falling buyer demand for some properties have already returned. Many of you Sydney property buyers may not have experienced what we’re talking about as there is no need for such behaviour in boom times.
If it’s true, now more than ever, you will need to beware.
