R & W Marrickville/Hurlstone Park Market Update 12.10.2019
This week we get to look at the Quarterly Auction Results for Marrickville, Dulwich Hill and Hurlstone Park.
Wow, what a difference a year can make!
As I compare the first three months of this Financial Year to the same period from the previous one the disparity is quite alarming.
Let’s start with Marrickville , a near perfect clearance rate of 93.02% where 40 out of 43 properties were sold at Auction or prior is amazing. It’s even more noteworthy when you consider the stock levels are down by over 30% from the same quarter in 2018 where there were 68 Auctions and a clearance rate of 60.29%.
Dulwich Hill tells a similar story. Eighteen sales out of 22 Auctions for a 81.82% clearance rate is in stark contrast to 16 out of 36 at 44.44% last year. That’s almost half the stock at double the clearance rate. You don’t see as dramatic a turn around as that very often in such a short space of time.
Hurlstone Park as always is very hard to read. A 50% clearance rate over six sales is hardly a major difference to 3 out of 8 last year at 37.50%. it’s just not enough Auctions to be able to make any meaningful observations.
What is abundantly clear particularly at almost the half way point of the busiest season on the calendar is there is simply nowhere near enough stock to satisfy the current demand. As I’ve said before in my past updates I don’t feel there is an over representation of purchasers in the current market at all. The problem clearly lies in the well below average number of properties available for them to view. Until this changes we will continue to see Auction clearance rates above the 80% mark in the Inner West.
Hopefully this problem will resolve itself sooner rather than later because believe it or not most sane and rational real estate agents hate this phenomenon too !
Yes that’s right. Selling a property on Auction day for a great price for your vendor is fantastic. But when you ring all the underbidders up on Monday without anything suitable to show them it is highly frustrating. Agents love selling for record prices but we love turnover a whole lot more. I’d much rather have three to four genuine bidders at one of my Auctions and a couple of similar properties coming up next week to show those who miss out than a dozen underbidders and nothing else to sell.
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