The small seasonal bounce in auction clearances can seemingly be attributed, in part, to a surge in homes being withdrawn prior to auction. From The AFR:
Sydney homeowners are increasingly pulling their homes from auction before the big day while some Melbourne properties are now selling for less than their council valuations…
Domain Group data shows the proportion of homes withdrawn prior to auction has increased to about 20 per cent, up from the decade average of about one in 10 homes.
“The rise in sellers willing to pull their home from auction has risen at a greater pace compared to other downturns, indicating the market is under stress,” data analyst Nicola Powell said in her latest auction market report.
“It suggests particular homes have insufficient bidders to create a competitive auction, rather than an auction not hitting the vendor’s reserve.”
I live in the eastern suburbs of Melbourne and another trend I’m seeing is for sale boards being removed from homes that are still listed for sale on the internet, but have been lingering on the market for months on end.
Obviously, having streets lined with for sale boards is a bad optic.
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