The combined capital cities saw a 0.7% drop over the last three months according to data from CoreLogic. We can see evidence of this slight price drop in our local area of expertise, particularly with unit sales. Houses seem to be holding their value.
Average Auction Clearance Rates (source: domain.com.au)
May 2018 61%
May 2017 80%
Although clearance rates have dropped almost 20% in the last 12 months, we still regard 61% as healthy, especially as there is actually more stock on the market than this time last year.
Lower clearance rates show that buyers are happy to wait longer for the right property. We are no longer working in a sellers’ market and consequently buyers are feeling more relaxed and confident to take their time and negotiate on price.
If you want to avoid having your home sit on the market for weeks on end, ensure it has been priced correctly from the beginning. Your agent must be able to justify their price expectations in light of current market conditions by providing recent and comparable sales.
On-line property estimates are rarely accurate and do not take into account your home’s unique features or updates. An agent’s local knowledge cannot be beaten for accurately pricing a home. If you would like an up to date price guide for your property, please call our sales team to arrange an obligation free appraisal.
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