Are buyers finally getting the hint that now might be the time to buy? Overall weekly turnover has been trending upwards now for the past 15 weeks, coming in yesterday at a healthy 894 total properties sold. Therefore although the clearance rate held fairly steady at 57% it seems buyers could be moving out of […]
Typical Melbourne spring weather provided a game of musical chairs for the crowds attending auctions this weekend. Each time the rain poured and threatened to push crowds into the shelter of front living rooms, buyers would no sooner start the trek inside than the rain would stop and sun come out. However as a consequence […]
Of the 6 auctions we attended on Saturday only 2 sold under the hammer. However all but one was negotiated after the auction and therefore it’s evident that although the market has suffered ‘low’ demand, it’s not suffering ‘no’ demand. However with a 57% clearance rate it continues to be a negotiators domain We may […]
Emotion rules the auction market – there’s nothing like the street theatre of a good auction with 4 or 5 willing participants and a never ending flow of tit for tat bidding giving a feeling somewhat akin to the suspense built up on an episode of ‘Who Wants To Be A Millionaire ‘. However, in […]
Out of the 8 auctions we attended today 5 passed with 4 of those in the high 1Mil+ range With these 4 auctions, despite there being plenty of buyers – even to the point of buyers hanging around well after the auction had ceased – few (if any) were willing to openly bid. When they […]
Auctions require confidence as well as bidders, and while confidence is in short supply, don’t expect the clearance rate – which again came in at 57% – to increase any time soon. However, there are changes in the market place, and depending on how the next few weeks pan out in the global arena, a […]
The financial fallout in America is not going to do anything positive for investor confidence, however the agents this weekend were taking full advantage of the news to spruik the safety of investing in ‘Bricks and Mortar’. Without exception – in each auction ‘pre-amble’ – there were comments to the effect “the share market is […]
It wasn’t ideal weather for auctions this weekend. Despite the promised sunshine, the day didn’t brighten much from the morning cloud and drizzle. However this didn’t dampen events. Although crowds attending auctions were modest, with neighbours generally choosing to stay indoors rather than stand out on the street – last week’s change in atmosphere continued, […]
There’s a palpable change in the market place which would probably only be noticeable to those who monitor ‘on the ground’ events closely each week. The much publicised ‘hint’ of a rate drop from Westpac’s Bill Evans, along with a noticeable fall in stock and fewer homes being auctioned, has had the effect of ‘shooting’ […]
Last Friday Westpac Chief Economist Bill Evans, made a lonesome brave call of a potential cut in rates. He isn’t the first to suggest an interest rate drop, however he is the first of the ‘big four’ to do so, and therefore the announcement carries influence. However his prediction shouldn’t come as a total surprise. […]
