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We’re heading into the final stretch of the property year, which is typically a time when the market either suddenly kicks or slowly tails off. This year, Wakelin director Jarrod McCabe thinks it will be the latter.
The auction statistics he mentions in this video were published by the REIV.
Below is a full transcript of Jarrod's comments:
“OK, so we’ve passed the last public holiday weekend for 2018 and we’re now into the final stretch leading up to Christmas.
Auctions on the weekend, well, we had 810 with a clearance rate around the 52% mark, so it’s remaining fairly consistent at present. But we’re certainly down on last year’s numbers when we had close to 1100 on the equivalent weekend and the clearance rate was up at 72%.
The market typically at this time of year either kicks or goes very quiet once you hit the December period. We’re expecting that this year it will more than likely start to soften off, just because there’s not a lot of depth from a buyers perspective but those that do need to sell still need to do that prior to December 25.
So we are noticing that the stock is definitely down as I said earlier but also the quality of stock at present doesn’t seem to be as good as it normally would be for this time of the year and there is certainly a larger pool of unsold properties that are sitting there.
So vendors have a lot of competition that they are going to have to deal with, and really only the best properties that are priced competitively are likely to get the level of interest that they’ll need to sell before Christmas.”