There’s no stopping Dr Andrew Wilson. The mid-winter blues have seized a sagging Sydney property market:
Sydney’s started the new financial year with yet another drop in the weekend clearance rate.
The 72.7 per cent recorded on Saturday was the lowest result in more than a year with the trend clearly downwards as the mid-winter chill arrives. This weekend’s result was well below the 77.5 per cent recorded over the same weekend last year and is the third consecutive weekend of falls.
There were just 437 auctions conducted on Saturday, which was well down on last weekend’s 596 but still significantly higher than the 289 conducted over the same weekend a year ago.
This five-bedroom home at 411 Maroubra Road, Maroubra, sold for $1.87 million.
Despite the overall figure falling, several regions still recorded strong clearance rates at the weekend. The city and east reported the highest clearance rate with 84.8 per cent followed by the northern beaches with 83.3 per cent, the upper north shore 82.9 per cent, the central coast 80 per cent and the inner west with 77.4 per cent.
Awful figures, Dr Andrew, just awful. Yet another drop, all the way down to 72.7%. RP Data sees the clearance rate climbing again:
Clearance rates are off extreme levels in Sydney but remain quite firm, certainly at levels associated with ongoing price gains. There is no sag nor any winter blues, unless you want to jawbone interest rates.
