Auction clearance rates fall | Kevin’s comment 26th May

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Auction clearance rates have fallen slightly across most capital cities.

The Sydney auction clearance rate last month was 71.1 per cent – this is still very high, but slightly down on previous months where the auction clearance rate has been as high as 73.3 per cent.

Melbourne, Brisbane and Canberra also had slightly lower auction clearance rates, but Perth and Adelaide seem to be building momentum.

Sydney properties are still taking about 52 days to sell – which is about half the time a property takes to sell in Brisbane and Adelaide at the moment.

Legislation dealing with property in Queensland has recently changed.

The new legislation includes NO maximum commission rates and warning statements for property agents.  But one of the biggest changes is the fact there will no longer be price guides on properties going up for auction.

In the past, some buyers have believed the price guides to be unfair – because they suggest the property will sell for a really low price when that just isn’t the case.

Finally Australia’s property guru and author Noel Whittaker is predicting interest rates could actually fall.  He says falling consumer confidence, combined with increasing unemployment, might see rates actually fall again.