Residential auction listings slumped 10 per cent this week in a slow start to the usually busy Spring selling season, as almost one in four nervous Sydney vendors withdrew their homes from auction.ahead of another expected double interest rate hike on Tuesday by the Reserve Bank
Listing typically increase incrementally over Spring and into summer, but expectations of a 50 basis points hike by the Reserve Bank on Tuesday, to take the cash rate to 2.35 per cent and a 1.6 per cent fall in house prices in August have eaten into vendor confidence, especially in Sydney, where price falls have been steepest.
Domain recorded similar preliminary auction figures: 63.5 per cent in Melbourne, 60 per cent in Sydney and 62.6 per cent nationally, all up on the prior week. AMP Capital chief economist Shane Oliver attributed the higher national clearance rate to “bargain hunting and lower vendor pricing”“But it’s coming on low [auction] volumes and more rate hikes will keep clearances weak, especially as listings rise through Spring,” Dr Oliver said.April with Sydney leading the way, down 7.4 per centDr Oliver expects house prices to fall 15-20 per cent over the next nine months, due to ongoing rate hikes.
Mr Pattaro said active bidder numbers at its auctions were up to an average of three, while only about 15 per cent of auctions were being withdrawn, down from 25 per cent a few months ago. “Vendors are waiting until after the next school holidays [at the end of September], October and November are the months to watch,” she said.Koren specialise, there is no evidence of a lack of appetite or price slumps, Ms Bloom said.“The biggest issues are stock levels, buyer confidence and coming to a meeting of minds.”
But clearance rates are soooo impressive (on the ones not pulled).
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