Interest Rates & Clearance Rates Remain the Same
The second weekend of the traditionally busier spring season was similar to last weekend with a clearance rate of 55% as reported by the REIV. This has followed the Reserve Bank’s decision last week to keep interest rates at the same level. There were a total of 561 properties up for grabs on the weekend, and 308 of those found new owners. The remaining 253 properties that were auctioned were passed in, and 164 of those were passed in on a vendor bid. On the same weekend last year, there were 673 auctions and the REIV reported a clearance rate of 70%.
The NPB clearance rate remained consistent for the week at 66%, with 26 properties selling out of the 39 properties the NPB team reviewed. The NPB clearance rate last week was 65%. The lower end, which consists of properties under $600k, dominated with a clearance rate of 73%, with 11 of the 15 properties we reviewed selling. The middle range category ($600k-1m) finished the week with a clearance rate of 69% – a total of 9 properties sold and 4 passed in. The higher end of the market, which represents properties over $1m, again lagged behind and continues to drag down the overall NPB Clearance Rate with only 6 of the 11 properties we reviewed selling, resulting in a clearance rate of 54%.
Auctions in the Spotlight
As expected, the next two weekends will see more activity with approximately 1,400 properties going under the hammer. Saturday 1st October will be quiet with the AFL Grand Final taking centre stage.
If you need any help with searching, assessing or negotiating your next property purchase or simply wish to discuss your property buying needs, please don’t hesitate to contact.
0418 131 950