Domain released their preliminary results today.
The weakish results continue with a national final clearance rate of 47.7% on ongoing low volumes last week. Nothing here suggests an uptick in the market. Similar trends so far today.
Canberra reported 49 listed properties, 42 reported auctions and 21 sold with 3 withdrawn, giving a preliminary clearance on a Domain basis of 47%.
Adelaide reported 62 listed properties, 35 reported auctions and 22 sold, with 5 withdrawn, giving a preliminary clearance on a Domain basis of 55%.
Brisbane listed 76 auctions, reported 38 and sold 24 with 3 withfrawn, giving a Domain clearance of 34%.
Wow Martin these auction results 142 sold in Sydney, compared to last year 571 it’s about 1/4 of what was sold last year. Value of homes sold this week $97 million, compared to last years $832 million. That’s about 1/9th of homes sold compared to last year. To put it mildly this is an absolute disaster, it’s a terrible figure. I think Australia is in for a severe property crash. Probably like Las Vegas, Detroit, Ohio had in 2009. I’d say the market may tank by 50-65% by 2020. I think people don’t realise how serious this can be. Oh well lets see, personally I think it’s kinda exciting. Like watching a slow motion train crash, maybe you’ll say in 2020, hey that Rob guy was right in March 2019, probably. so. Maybe in 2020 we’ll be running around Sydney snapping up bargains for $200,000 ?