Market Update

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Sydney’s Auction Clearance Poor for Third Consecutive Week

auction clearanceIf the Sydney auction clearance rate is any reflection of the property market on the whole, its third consecutive poor week suggests that the growth rate, in sync with the expert opinion, might just begin to mellow down from here.

Poor auction clearance rate for third consecutive week

73.5% clearance rate posted last week is the new low for over 4 months and it is the third time in a stretch that the auction market has posted sub-80% results. We were euphoric at the start of the spring selling season; what with 9 consecutive results of 80% and over. Things though have changed drastically over the last month.

High number of listings, low clearance

Number of listings is closing on unprecedented highs and over 1000 auctions are scheduled for the Christmas break. This makes the low clearance rate an even greater cause for disappointment. The northern beaches, the city, east and to an extent north west are guarding Sydney’s momentum from fizzling.

Low unemployment rate a silver lining for Sydney

Amongst all this news, the one silver lining for Sydney is the fall in its unemployment rate. It has come down from 5.4% recorded in October to 5.2%. In fact, last year in October the rate of unemployment was 5.6%. Calculated for all the mainland state capitals, Sydney’s rate of unemployment is the lowest.