Domain released their preliminary auction results for today.
Weakness in the market remains, with the final clearance rates last week at 48.1%, [Preliminary 52.8%] compared with 62.2% a year ago, and the final volume was 341 sold [Preliminary 292 sold] compared with 857 a year earlier. Funny how the market is fixed on the percentage clearance rather than the actual count!
Results this week saw the preliminary results based on 470 results so far, compared with 292 last week.
Canberra reported 44 listed, 35 reported and 18 sold, with 4 withdrawn, giving a Domain clearance of 46%.
Adelaide listed 60, reported 39 and sold 31 with 6 withdrawn, giving a Domain clearance of 69%.
Brisbane listed 54, reported 27 and sold 11 with 2 withdrawn, giving a Domain clearance of 38%.
We also note that more properties are reported without a declared price and the data INCLUDES properties sold prior to auction. Final clearance results will likely be lower.
Wow, you can see how they manipulate the auction results to make them look good. Real clearance rates for this week look around 40%. My wife and I are Real Estate agents from the U.S. We went through the real estate crash in the U.S in 2008-2010. OMG the Australian crash looks like an absolute disaster. I’d say the prices will plunge by between 40-55% it looks terrible. Anyway we’re now overseas selling our other property so we can go back to Oz and get a bargain or two. Probably wait till the end of 2019 when they dive by another 20%. I will be offering though $200k less on anything we see, gotta get a bargain. Looks like the perfect storm to pick up a fantastic deal at the end of the year. Anyways love the Blog, only one in Australia that seems honest and straight. Regards RH.