Last weekend the clearance rate hit 65% according to one of the industry data analysts, the REIV. Of the 1405 auctions that the REIV had known about, the results of 1181 had been analysed over the weekend. This is a significant drop from the average figure for the year to date of 71% is, however, quite normal. With the RBA leaving rates on hold as expected, we can only assume this year will follow trends set in similar years.
Many vendors get nervous at this time of the year that their properties will not sell and they will need to re-advertise them in the New Year. This makes getting a deal through negotiation, whilst difficult, at least more possible than during October.
Prices do not seem to decline though. By the same thought process as vendors, purchasers can sometimes get anxious that they will not be able to buy before Christmas and they will stretch the budget a little more than they would have a month ago. It is the time where purchasers make their biggest mistakes.
So for everyone still trying to buy or sell before Christmas; take a deep breath, think about your plan and don’t do anything you will regret in the New Year. If you are considering a purchase before Christmas, and want some good advice, please feel free to call or email and one of our advocates will be happy to assist you.
Ian James
Director
JPP Buyer Advocates
