Domain has released their preliminary results for today.
Same old story higher clearance rates, but on lower volumes than a year ago. 892 listed this week, compares with 1,155, with 642 reported, compared with 950 last year.
Adelaide listed 46 auctions, reported 27 and sold 14 with 3 withdrawn and 13 passed in to give a Domain clearance of 47%.
Brisbane listed 55, confirmed 29 sold 15 with 3 withdrawn and 14 passed in to give a Domain clearance of 47%.
Canberra listed 25, reported 17 with 10 sold and 4 withdrawn and 7 passed in to give a Domain clearance of 48%.
Hi Martin,
looks like Govt is getting some success in spiking the home prices in Sydney and Melbourne .
I’ve been looking for a home in Sydney’s Hills Shire, Norwest area and I really surprised to see prices have gone up almost $100k in last few weeks. One of the property I visited on Saturday , there are about 150 people waiting outside to check the property. Its ridiculous to see 50 mtr queue outside the property.
Average price for 3-4 bed room house was $900k to $1.05 Mil few weeks ago , now its is $1.05 – $1.25 Mil. Looks like Vendors have adjusted their prices according to new APRA lending guidelines .
Agents are totally in control and releasing only 4-5 new properties a week to create this demand , its really surprising to see how people’s mood can change in couple of weeks . FOMO is back in , at least in new home buyers.
Yes asking prices higher, but not true of settled deals. So far at least. This may well flame out as the broader economy tanks further.