Yesterday's auction clearances showed increased interest from buyers as we move into September (spring season) - clearance rates were higher when compared to last Saturday's auctions, however interestingly the number of reported auctions have reduced. This indicates that buyers may be revising their price expectations, with some pulling their listing from the market and some listing their property as private treaty. See the results and differences below.
Saturday 3 September
Sydney - 60% clearance rate (400 reported auctions)
Melbourne - 64% clearance rate (532 reported auctions)
Brisbane - 62% clearance rate (37 reported auctions)
Adelaide - 74% clearance rate (57 reported auctions)
Canberra - 62% clearance rate (39 reported auctions)
Saturday 27 August
Sydney - 52% clearance rate (577 reported auctions)
Melbourne - 57% clearance rate (647 reported auctions)
Brisbane - 34% clearance rate (77 reported auctions)
Adelaide - 69% clearance rate (81 reported auctions)
Canberra - 55% clearance rate (64 reported auctions)
Having stated the above, the overall housing market is still trending downwards due to the combination of higher interest rates, negative consumer sentiment, and higher cost of living.
With the overall market in a downturn, it would be would be worth keeping an eye out for good deals over the next 4-5 months as vendors reset their price expectations.
The Daily Mail have published an article with suburbs located fairly close to the CBD across different capital cities that are selling at reasonable prices, which would be worth reviewing - https://www.dailymail.co.uk/news/article-11175647/Best-Australian-suburbs-invest-amid-property-market-correction-house-prices-dropping.html.
