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Auction Clearance rates for the week ending August 10, 2008 continued to show an uncertain market where buyers and vendors are struggling to find common ground. Low price expectations from would-be bargain hunters are making it difficult for many vendors to make decisions on auction day and Luxury property continues to perform poorly at auction.
Properties below $1 million are the best performers at auction right now with Melbourne leading the way with an overall Clearance rate of 55%. Sydney is steady at a clearance rate a little over 43% with Perth performing worst of all Australian Capital cities with a dismal clearance rate of just over 15%.
The figures for the week ending August 17, 2008 will be available shortly and I hope to see an improved result with expectations of an interest rate decrease growing. We eagerly await the announcement from the Reserve Bank.
We at Marquette Turner Luxury Homes have been urging our Luxury clientele to sell by Expressions of Interest and we are experiencing high levels of success. Whilst this is a strategy less commonly used below $1million, we find that the flexibility it enables for all parties very much assists in the ultimate sale of properties.
This table is compiled with the assistance of RP Data for the week ending August 10, 2008.
Here are Australia’s auction clearance rates for the week ending 20 June 2008.
Source: RP Data