Pre dawn light or a trick of the eye?
The month of April is an interesting one when it comes to statistics and the state of the property market. There is the ‘before Easter’ period, and the ‘after Easter’ period. In addition, in that May 18 is the Federal election, pundits are forecasting a sharp drop in auction numbers in the lead up and on the day of the election. Clearly, the day of the election will have reduced convenience for many buyers, not to mention the uncertainty around post-election policy.
The weekend before Easter is traditionally one of the busiest in the auction annual calendar, and despite the ongoing housing downturn doom and gloom, The Real Estate Conversation reported the percentage of successful sales in 2019 was comparable to 2018, taking into account an overall lower volume of auctions this year. TRC cites CoreLogic data of 927 auctions returned a 62.9% clearance rate in Sydney. At the same time last year there were 742 auctions, and 61.5% went under the hammer.
In the same article, Leanne Pilkington, President of REINSW said (prior to Easter), “With Easter next weekend, agents are expecting much lower numbers, but continue to be happy with the consistency in results, despite lower transaction numbers.” This consistency appears to have been maintained in the weekend after the Easter break as well, with Ms Pilkington again quoted in The Real Estate Conversation as saying “… the auction numbers in Sydney were 329 with a preliminary clearance of 57.1%, meaning results continue to be stable.”