The Sydney property market is not immune to the volatile world economy with “Pre-Auction Panic” levels surging and cracking 30% of listed auctions this week. 23% (82) of 358 listed auctions were reported as having been sold before the gavel could be given a last wipe with linseed oil and a few air swings swung by the boot of a BMW. The remainder of the 109 listed auctions that did not make it to auction were withdrawn by sellers – hopefully to a supervised “safe place”.
But it was not all bad news as listed auctions climbed higher to 358 – though this is still a long way short of the 450+ listed on the same weekends in 2015 and 2014 and “Seller Sadness” (stock that did not move) softened to only 10% of listed auctions.
“Hammer time” – which is what gets the blood really flowing – weakened by 1% to 32% of listed auctions (only 115 of the 358 listed auctions taking a bow yesterday) – though there was a small increased in secret squirrel behaviour with sold not disclosed rising by 1%.
The Sydney Morning Herald and Australian Property Monitors reports that agents reported 82% of the listed auctions – Ladies and Gents – good work – another “much improved” stamp in that department.
Note: In order to encourage agents to help APM collate the most complete stats each Saturday night, the Glass Pyramid is presenting all results as a percentage of the number of Auctions Listed. The reason for this is that agents are more likely to report ‘good results’ sooner and that can tilt the figures when results are presented as a % of what agents have bothered to report on Saturday afternoon.
Anyhow – onto the good stuff!
There are two tables this week. The first contains yesterday’s APM fitter and fatter report sliced and diced. The second contains a summary of the last few weeks.
A few comments on yesterday:
- Pre-Action Panic – cracked 30% of listed auctions with 109 listed auctions not being tested by the hot forge of the market.
- Hammer Time – Stayed healthy at 32% but this was down on last week. Chinese New year might be losing its steam
- Seller Sadness – at a low 10% of listed auctions it seems clear that stuff is not going to market unless the seller is “realistic”.
Table 1 – Saturday 6 February 2016
Table 2 – Summary of recent results.
Categories: Macrobusiness
The Glass Pyramid 
Love the factual breakdown of Auction results, I found myself questioning recent results and looking closer at figures as they seem misleading i.e. 78% sold at Auction is what the public see and this is not the true picture however the one agents want you to see.
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Interesting.
The clearance rates are rising but that is masking the fact that less homes are actually making it to auction.
There is also the possibility that price falls are making it easier for people to buy.
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Yes – that is why I find the breakdown interesting. Properties passed in are also very low which may suggest much more realism on the part of sellers and a willingness to negotiate. Hard to know for sure without examining each transaction but passed in was a much bigger issue a few weeks ago.
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Do Melbourne 🙂
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