Fewer new listings coupled with vendor discounting helped ease tumbling clearance rates a little, but the market is still trending down. It’s a boon for buyers.
“Sometimes clearance rates lead prices but lately,“As the prices have come down, you’re getting more discounting, which has helped some sales get through and, of course, some vendors have pulled their properties, which has reduced pressure on the auction clearance market.
Yet even as buyers count their pennies more closely, there are still firm prices being struck for desirable properties, such as the three-bedroom warehouse apartment at St Peters, in inner-city Sydney, which sold for $1.19 million, $90,000 above the reserve. “The auction scene isn’t there. People are holding back from listing, preferring to wait a few more months,” he said.
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