From the Black Dragon’s Twitter feed:
Sydney auction results today: 44.0% preliminary clearance rate. Unreported rate was 21.6% (643 listed, 504 reported). Est final clearance rate is 38% to 41%. Last wk revised to 43.0% yet 12% still unreported. Our final last wkd est = 40.6%. This wk in 2017 CL = 58.0% 2016 = 73.1%
— Louis Christopher (@LouiChristopher) November 3, 2018
Melbourne auction results today: 42.3% preliminary clearance rate. Unreported rate was a HUGE 41.2% (165 listed, 97 reported). NOTE Melbourne Cup long wkd. Est final clearance rate is 35% to 39%. Last wk revised to 43.7%. This wk in 2017 CL = 67.3% 2016 = 74.6%.
— Louis Christopher (@LouiChristopher) November 3, 2018
There were actually nearly as many properties withdrawn in Sydney as reported sold. 170 withdrawn verses 222 reported sold. I’ve never seen that ratio as high.
— Louis Christopher (@LouiChristopher) November 3, 2018
Auction clearance rates this low in Sydney and Melbourne effectively translate into price falls of between 1.5% to 3% PER QUARTER. That is crash territory for housing if this state of affairs persist.
— Louis Christopher (@LouiChristopher) November 3, 2018