The clearance rate has taken up residence in the 70% zone. The whole market is faltering. Economists and market analysts will soon be talking about 40% drops in the market place again. AND AGAIN THEY WOULD BE WRONG!!
There were over 1100 sales for the week and although this was down on the 1300+ last week, it is still a huge transaction week for May. There are still two more weeks in May to go and I would expect the clearance rate to remain below 80% but if the sales numbers continue at this rate, then the market is actually not cooling off.
Whilst we have seen a lessening of the ridiculous bidding at auctions seen throughout March and April, properties are still selling, and selling well. If a property is worth $1.2M then it is highly likely to sell around $1.2M. not $1.3M which occasionally happened earlier this year. For both Vendors and Buyers alike, the calibre of your agent will now become paramount.
More and more property will pass in. More properties will have one buyer not four. Selling agents will be left sorely wanting if they are not prepared to negotiate. Buyers however, need to understand the real value of the property they are going after. If they do and they are adept at negotiation then the number of sales will continue to set records this year.
If you are considering purchasing a property you should consider the advantages of using a buying agent. We have access to property data that members of the general public cannot access, such as private sale data (ie properties that were not auctioned). We can give a very accurate appraisal of the property you are considering. We are also professional negotiators. Most people will purchase maybe 2 or 3 properties in their entire lives, we are involved in hundreds every year.
Please feel free to call for a no obligation first meeting.