Hello from the RW lounge, with an Auction wrap from around the grounds
People are asking “how’s the market?”
So the best way to gauge this is by auction results as they give us a result in around 4 weeks.
And who better to tell us more than CC’s leading auctioneer Rod Amos.
Placing a bet on the horse races seems to have taken priority on Saturday with the number of auctions scheduled down across Australasia last week to 463, compared to 574 the week before, with 46 per cent selling under the hammer.
Ray White’s overall auction clearance rate in NSW on Saturday was 56%. So 10% higher than rest of the market.
More than 8200 people attended Ray White auctions overall,
with 26 people the average crowd size andthere were 2.5 average registered bidders.
It’s a tale of two markets for Australian housing: despite widespread price falls in the largest cities, ultra-prestige homes are still being snapped up.
Vendors of mid-market homes have been turning to creative marketing strategies to make their properties stand out as buyers play coy, even as wealthy purchasers continue to chase trophy homes.
Sydney home values have fallen 7.4 per cent over the past year — the worst drop since 1990 — with Melbourne down 4.7 per cent, according to figures this week from property researcher Core Logic. Regulatory clamps on bank lending have been making it harder for investors to get loans and reducing the amount of debt owner-occupiers can obtain.
Ray White chairman Brian White said while the market had slowed from last year the group had seen the number of home sales improve last month.
The agency sold $3.6 billion worth of homes in October, up from $3.4bn in September.
“No one would have expected that our result was better than the previous month,” Mr White said.
Sales volumes had fallen about 10 per cent on a year ago, he said. “Yes, the market has come off, but most of the adjustment has been made.”