Saturday, November 26, 2011

Melbourne Auction Clearance Rates Worst in 7 Years

The article says sellers were spooked into pulling houses off the market. That's a bit confusing. Do they want to sell them, or not? This is the part of the market where the real estate agents' rhetoric comes back to bite them.

Only half of all houses up for auction in the past month drew purchases
Just half the properties going under the hammer have sold in the past four weekends - the worst run of auction results in seven years.

About 1000 homes will still go for auction today and tomorrow, the most in a weekend since early this year.
This weekend is the biggest for auctions since February 27, when 994 properties went under the hammer.

"The clearance rate that weekend was 64 per cent," Mr Larocca said.


jesse said...

I think you mean "worst in 7 years" but I'll take either ;)

GG said...

Possibly both are true. Thanks.