The Auction clearance rate has averaged just over 79%, for the last 5 weeks. Whilst there is no doubt we are still in a strong sellers market, there are a few signs indicating that there may be some relief in sight for buyers? Last week, there were 715 listed auctions which is up from an average of 636 over the last 5 weeks – that’s 12% more properties and 12% more choice!
In our view, the number of properties on the market will grow and this will give buyers greater choice for the rest of the year. We sense a number of sellers, who have been hesitant about listing their homes, may now believe that we are in a bubble and that this is now the best time to sell.
Less properties on the market has a direct effect on sellers too – as they cannot find a property to buy for themselves, they hold off selling and consequently reduce the stock.