Market Update - Home Auctions For May
Another month down and Winter has begun in earnest.
We have the May Auction sales results for Marrickville and they make for interesting reading.
The clearance rate was 69.23% which is still quite healthy even if it is marginally lower than previous months. Just to clarify, the term clearance rate refers specifically to those homes Auctioned which either sell on the day or prior.
|The full results include|
|Sold on Day - 16 (61.54%)|
|Sold Prior - 2 ( 7.69%)|
|Passed In - 7 (26.92%)|
|Withdrawn - 1 ( 3.85%)|
As I've said on many occasions any clearance rate above 60% is very healthy and reflects a market where sellers aren't having to wait too long to receive the best offer on their property. Once again I must give credit to the owners this year who have chosen to use the Auction process as the prices achieved have definitely not been as aggressive as the crazy days of early to mid 2015. This means that the majority of them are listening to the market and not waiting for that unrealistic "perfect world" scenario to play out.
Having said that, it is also interesting to see the type of homes going to Auction in the Marrickville area. Contrary to popular belief not every property is suited to the Auction process. There are two major factors that absolutely must be in play for Auction success and I will talk about this in greater detail next week.
Also at the end of this month I will put together a report and analysis of the Marrickville Auction results for the first half of 2016.
That's it from me. Have a great weekend and I'll see you next Thursday.