Auction Clearance Rates have held up well on the Eastern seaboard with Melbourne leading the way at 82.1% and Sydney, Brisbane and Canberra all recording clearance rates above 55%. Adelaide is traveling well at 79.2% and Perth is struggling to find its way with a clearance rate of just 14.3%.
Auction volumes are well down on previous years. As we move toward the Spring selling season we will learn valuable information on just how well Australian property is doing. The 2008 Spring months were tough for many people with sale volumes well down on the levels of 2007. Every city and price bracket is slightly different so it’s important to keep any wide sweeping media claims in perspective.
There are better performing suburbs and that will continue to be the case. The danger I see is that the media will attempt to throw a blanket over all real estate in their attempt to grab a headline. This misinformation can lead to bad choices for vendors and buyers alike so I urge everyone to look at their “market” in the local context that it requires.
Data for the week ending July 12, 2009