The numbers prove it.
Wednesday 31 Aug 2016
I’m going to cut to the chase. Get straight to the point. It’s here. Spring has officially begun. It’s the season for selling and this year more than ever the numbers prove it.
I’ve known it to be true and been talking about it to anyone who will listen and this week I found the data to prove it. There are not enough properties on the market to meet demand. If you don’t believe me take a look at these statistics thanks to CoreLogic.
New listings across Sydney are down 20.6% compared to the same period last year.
There have been 18,619 auctions so far in 2016 across Sydney. There were 25,399 auctions across Sydney at the same point in 2015. That’s a 26.7% decline.
It is no wonder an 81% auction clearance rate was reported last week for the 762 auctions held across Sydney. Again, that’s compared to the 1106 auctions staged in the same week last year.
Buyers are being forced to fight it out because we are yet to see any increase in the flow of new properties onto the market.
The Morton team have achieved a 97% clearance rate for properties taken to auction throughout 2016. The clearance rate in Sydney has been above 70% for 18 consecutive weeks and with only 671 auctions scheduled for this weekend it is highly likely we will see another highly successful set of results.
Overlay those numbers with the ones you already know including record low interest rates and positive employment growth. It means as Spring officially arrives the opportunity is stronger than ever for potential vendors to seize the market momentum. More buyers are going to enter the market, more vendors should too.
Our team can turn a new listing around and launch a property marketing campaign in record time. A standard auction campaign is 28 days. It isn’t too late for potential vendors to get in on the action.