Auction clearance rates continue to demonstrate this two-speed market we keep referring to. And more specifically, certain property types appealing to certain demographics are performing far better than others. For example, the downsizer market around Sydney Harbour/Beaches are seeing fierce buyer competition and selling well over reserve come auction day.
Over the weekend, the Lower North recorded an 80% clearance rate, with the Upper North coming in at 77.1%, and City, East and Inner West recording around 72%.
As a whole, listing numbers are significantly lower and will continue to be over the coming months with school holidays and two elections approaching, meaning sellers are more likely to hold off and wait to see what changes come into effect.
Thinking of buying or selling now? Don't wait around for the rest of the market to come back into it in Spring. Contact us today on 02 9960 1066 or enquiries@pkproperty.com.au for independent advice on your next property move.
**Source: Dr Andrew Wilson, Chief Economist at My Housing Market
