Keep saying it and it may come true. From Domainfax:
Falling auction clearance rates may be spooking the Sydney and Melbourne markets as the first big spring Saturday approaches but experts say buyers and sellers should “take things into perspective”.
Leading valuer Herron Todd White said while rates are falling there are also more properties on the market this year compared to last year. Suburbs, which do not usually go to auction, have had lower clearance rates and could be skewing the overall city clearance.
Skewing, tapering, easing, perspective. I’m quite sure that these folks have no idea what is bearing down on them in the global economy so it is forgivable. Indeed their advice is good. Even spruiker-in-chief, Dr Andrew Wilson, is making sense:
Sydney’s real estate agents and auctioneers are calling on vendors to set realistic reserve prices in the lead-up to the biggest auction day so far this spring.
About 1000 homes are expected to go under the hammer this weekend on the first “super” Saturday. But some fear a bloodbath since auction clearance rates have plummeted from near 90 per cent four months ago to 71.3 per cent on Saturday.
“It’s the weakest spring market for three years,” Domain Group senior economist Dr Andrew Wilson said.
“Parts of the city are showing signs of fatigue.”
Set your realistic reserve and sell.
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