Domain put Sydney clearance rate at just 48 percent, i.e. a buyer's market

Domain put Sydney clearance rate at just 48 percent, i.e. a buyer's market
Domain put Sydney clearance rate at just 48 percent, i.e. a buyer's market

Domain's revised results for the weekend of April 28 and 29 put the Sydney clearance rate at 48.1 per cent.

It was a significant occurrence, the first time below 50 percent on an ordinary auction weekend for many years.

Last week revised tally Saturday 28 April 2018
City Sydney
Clearance rate 48.1%
Number listed 673
Number reported auctions 502
Number sold 301
Number w/drawn 124
Total value sold (million) $261.7
Auction median houses $1,307,000
Auction median units $905,000

Cooley Auctions' auctioneer Damien Cooley recently suggested a generally accepted auction clearance rate for a healthy market, where both sellers and buyers have equal bargaining positions, was between 50 per cent and 60 per cent.

The original Saturday night had the clearance rate at 58.1 percent.

City Sydney
Clearance rate 58.1%
Number listed 670
Number reported auctions 378
Number sold 264
Number w/drawn 76
Total value sold (million) $224.1
Auction median houses $1.3 milion
Auction median units $905,000

"Buyers certainly feel like the tides have changed ... but we won't call them buyers' markets unless clearance rates are less than 50 per cent.""Things are changing and the market is not as good as it was, but it's a very fair market," Cooley Auctions' auctioneer Damien Cooley told Fairfax Media recently.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Home Buyers Residential Auctions

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