All eyes on the Sydney auction market this weekend
2015-06-29
All eyes are on the auction market this weekend, with another 650 properties scheduled to go under the hammer amid three consecutive weeks of falling clearance rates.
"It is another big weekend," Domain Group senior economist Dr Andrew Wilson said.
"Certainly a trend has emerged of weakening clearance rates – has the heat gone out of the market?"
However Dr Wilson says last week's 83.2 per cent was still strong and the falling clearances could be related to higher listing numbers than expected.
Auctioneer Will Hampson said although there were still some big results, there were often fewer bidders than a month ago.
"But we've still got perfect conditions at the moment, shortage of stock, record low interest rates, demand from foreign buyers as well as local and we're still seeing people buying through their super and plenty of investors generally," Hampson said.
BresicWhitney principal Shannan Whitney agreed: "Some of the sharpness and intensity has come out of it a bit; the behaviour of the buyers isn't as frantic and urgent as it was."
Belle Property Surry Hills agent Charles Touma has a two-bedroom terrace at 79 Goodlet Street up for Saturday auction which he admits is a bit "touch and go".
He has eight contracts out and three bidders are expected. "It's a nice deep block and it's got parking with hopes of over $1 million," he said.
"Everything still seems to be selling within a good time frame – I don't think there's been much change, but of course a lot of people are speculating."
Inner west agent Peter Gordon of Cobden & Hayson said the market "has probably come off a little bit – not in terms of prices achieved but a lower volume of buyers".
He sold a 10-year-old three-bedroom home at 18 Whiting Street Leichhardt for $1,325,000 at auction on Thursday night. "We had four active bidders and it sold to newly married first-home buyers," he said.
"We'd been quoting $1.1 or $1.2 million."
He said the real test for the market will come in late spring. "Things traditionally sell well over winter and early spring but you have to look at those high volume months of October and November."
Source: Domian
"It is another big weekend," Domain Group senior economist Dr Andrew Wilson said.
"Certainly a trend has emerged of weakening clearance rates – has the heat gone out of the market?"
Auctioneer Will Hampson said although there were still some big results, there were often fewer bidders than a month ago.
"But we've still got perfect conditions at the moment, shortage of stock, record low interest rates, demand from foreign buyers as well as local and we're still seeing people buying through their super and plenty of investors generally," Hampson said.
BresicWhitney principal Shannan Whitney agreed: "Some of the sharpness and intensity has come out of it a bit; the behaviour of the buyers isn't as frantic and urgent as it was."
Belle Property Surry Hills agent Charles Touma has a two-bedroom terrace at 79 Goodlet Street up for Saturday auction which he admits is a bit "touch and go".
He has eight contracts out and three bidders are expected. "It's a nice deep block and it's got parking with hopes of over $1 million," he said.
"Everything still seems to be selling within a good time frame – I don't think there's been much change, but of course a lot of people are speculating."
Inner west agent Peter Gordon of Cobden & Hayson said the market "has probably come off a little bit – not in terms of prices achieved but a lower volume of buyers".
He sold a 10-year-old three-bedroom home at 18 Whiting Street Leichhardt for $1,325,000 at auction on Thursday night. "We had four active bidders and it sold to newly married first-home buyers," he said.
"We'd been quoting $1.1 or $1.2 million."
He said the real test for the market will come in late spring. "Things traditionally sell well over winter and early spring but you have to look at those high volume months of October and November."
Source: Domian
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