Domain released their preliminary clearance results for today. All centres are tracking below this time last year, and of course the preliminary results will settle lower in a few days. But the striking observation is the lower volumes, 1,294 a year ago, compared with 727 sold this week. Anyone want to argue against the view the market is softening? Our surveys suggest we will see more of this ahead, as property investors stand on the sidelines, and the backlog of first time buyers is soaked up. Also vendors are having to accept lower bids to close a deal, which will put further downward pressure on prices.
Brisbane cleared 42% of 92 scheduled auctions, Adelaide 69% of 50 auctions and Canberra 57% of 59 scheduled auctions.
