When crashing auction clearances equals “panic buying”

Monday, 23 March 2020

For a crashing auction clearance rate to equal panic buying, just go to the AFR:

“Panic buying is happening. A bit like toilet paper it feels,” said Cate Bakos, buyer’s agent with Cate Bakos Property. “I had four auctions scheduled this Saturday and five next Saturday. Now I only have one on Saturday and one for next week.

“All have either been sold prior or have pending mid-week auctions. These pre-auction sales are being triggered by feisty buyers.”

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.