Clearance rates in the starting weeks of 2020 were higher than a year
ago, reflecting the buyer confidence recovery seen in the very last
part of 2019.
Nicola Powell, Domain senior research analyst says: “The market is beginning to load it up forward and we are going to start seeing lots of new listings coming up between now and Easter. Last weekend’s clearance rates really illustrate the confidence that has come back into the market.”
Powell says credit conditions were tough and supply was over-supplied twelve months ago, but a marked improvement in standards has allowed property investors to return to auctions.
“It says that
vendors are really confident going into their auction, confident that
they have enough buyers to create that competitive auction
environment, last year, there were fewer buyers in the market, it was
harder to get a loan and we were seeing an elevation of stock,” she
says.
The latest clearance
results include 83% in Canberra (compared to 52% for the same time
last year); 80% in Sydney (57% a year ago); 74% in Melbourne (56% a
year ago); 60% in Adelaide (52% a year ago); and 37% in Brisbane (21%
a year ago).
Article Source Here: Auction Clearance Rate Confirms Recovery
