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Aris Dendrinos Market Update 08/07/2016

July 8, 2016
Market update

Wow, what a week !

I was getting excited to report the half yearly Auction results in Marrickville to you but had my thunder stolen by the fact we probably won't know what form of federal government the country will have for about another week.

A quite amazing Election result, almost, mirror image of 2010.

Similar to Brexit it will be interesting to see what effects, both positive and negative this has on our local property market. I'll make some wild speculative comments about this next week.

But today I wanted to review the first six months of Marrickville Auction activity in 2016.

Here they are :

Auctions - 117
Sold - 71 (60.68%)
Prior - 17 (14.53%)
Passed In - 24 (20.51%)
Withdrawn - 5 ( 4.27%)

That puts the combined clearance rate at 75.21%. The "combined" clearance rate refers specifically to the percentage of homes sold either prior or on Auction day. As I've said numerous times previously any clearance rate above 60% is solid so this result is very strong indeed.

And it's been consistently that way if you look at the monthly breakdown.

February (22) 81.82%
March (17) 70.59%
April (23) 69.57%
May (26) 69.23%
June (29) 82.76%
TOTAL. (117) 75.21%

What these figures also tell me is that there has been a distinct lack of homes offered to the market as volume levels have by no means been high. The fact that June, the first Winter month of the year had the most Auctions clearly illustrates this.

The complete list of every Auction is available for you by simply clicking here

I'll also report on our own Agency's specific Auction record for the year next week.

No change in interest rates this month which was no surprise. I think that will stay the same until we see the next set of inflation figures.

That's it from me. Have a great weekend and I'll see you next Thursday.

Regards,

Aris Dendrinos