Auction Clearance Rates blog image

Auctions Clearance Up – But One Swallow Does Not Make a Summer

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This week saw another bounce in preliminary auction clearance rates for Sydney according to Domain at 61 per cent, but with Melbourne languishing a bit at 55 per cent.

Melbourne came to its downturn phase later, and thus may take longer to turn around, with total stock listings sitting considerably higher year-on-year.

The median price of property sold at auction in Sydney has drifted back up to $1,230,000, though there are some notable variances within that figure.

Compared to a year earlier the median price of units sold at auction has moved a little higher, but the median figure is materially lower for houses on tighter serviceability.

Median Auction Price image

At the sub-regional level, the strongest preliminary clearance rates this weekend according to Auction Insider were seen on the lower north shore (~90 per cent), with east and inner west also back above 80 per cent, and the weakest out west (~50 per cent).

Sydney Regions Auction Results Saturday February 23 image

Source: Auction Insider

So, there’s been some shift in sentiment in early 2019, perhaps partly driven by talk of further interest rate cuts.

And Chan & Naylor finance brokers say that although some lenders can be pedantic with finance applications, there are still some reputable lenders that can give you an approval within 24 hours.

 

Auction clearance rates

Source: Domain

Finance should also get easier now the Royal Commission has finally passed.

Despite the fears, the final report didn’t introduce any further short-term hit to mortgage lending practices.

And the now largely redundant arbitrary caps on investor credit growth and interest-only lending caps have also been removed.

It is too soon to say we are at the bottom of the market.  But, for many, things are getting easier.

Disclaimer

Need a better loan? Contact a Chan & Naylor finance broker here today.

Aside from financial assistance, have a look at our other accounting and advisory services that we do to help you achieve greater financial success.

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Chan & Naylor Group have national offices in North Sydney, South West Sydney, Sydney, Pymble and Parramatta in New South Wales, Melbourne, Moonee Ponds and Hawthorn in Victoria, Brisbane and Capalaba in Queensland, and East Perth in Western Australia that can help you get a better loan and get expert accounting and bookkeeping services. Contact us today.

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