To read the headline story click here
I wouldn't be reading too much into those numbers, there are less properties for
sale on the market, and less buyers, resulting in fewer offers and less transactional activity therefore, vendors don't need to discount. I love the way statisticians skew numbers to sell a story in attempt to create an illusion a la - David Coperfiled... As buyers agents - actively in the market, I can assure you there is still discounting at the levels of last year on a like for like in many of the Prime Markets (even allowing for lower
numbers). I think what you are seeing is an aberration, vendors are resting their properties due to time of year (it is the low season), which will also skew the days on market downwards. Lets look at the Woollahra LGA for example - the Clearance rates and discounts to market; (all data has been sourced from APM for the last 3 months)
Auction clearance rate (houses, adjusted) 37.2%
Average days on market (houses) 81
Average discounting (houses) 10.93%
The headline works in the 'price point' markets of the Sydney LGA for example with units for example, but see what happens to houses!!!
UNITS
Auction clearance rate (units, adjusted) 62.3%
Average days on market (units) 74
Average discounting (units) 6.12%
HOUSES
Auction clearance rate (houses, adjusted) 54.3%
Average days on market (houses) 66
Average discounting (houses) 8.95%
But take a look at the Mosman LGA;
Auction clearance rate (houses, adjusted) 47.7%
Average days on market (houses) 103
Average discounting (houses) 11.64%
Now take a look at the Leichhardt LGA the inner-west darling;
Auction clearance rate (houses, adjusted) 54.4%
Average days on market (houses) 67
Average discounting (houses) 7.47%
Its still a 'Sunny' outlook for buyers, vendors on the other hand should be more strategic with the sale...there is no point in talking the market up but it is sensible to suggest that it was, is and will remain a good time to buy and trade, no one is going to convince property watchers that the market is entering an upturn, this sort of 'claim' just makes buyers more skeptical and keeps them out of the market longer they need to be. Commentators should be encouraging buyers and sellers to make informed purchasing/selling decisions and this is the time where buyers in particular, have the time to do that, no point making them more adversarial and I'm afraid, articles like this are only going to promote the latter...
I wouldn't be reading too much into those numbers, there are less properties for
sale on the market, and less buyers, resulting in fewer offers and less transactional activity therefore, vendors don't need to discount. I love the way statisticians skew numbers to sell a story in attempt to create an illusion a la - David Coperfiled... As buyers agents - actively in the market, I can assure you there is still discounting at the levels of last year on a like for like in many of the Prime Markets (even allowing for lower
numbers). I think what you are seeing is an aberration, vendors are resting their properties due to time of year (it is the low season), which will also skew the days on market downwards. Lets look at the Woollahra LGA for example - the Clearance rates and discounts to market; (all data has been sourced from APM for the last 3 months)
Auction clearance rate (houses, adjusted) 37.2%
Average days on market (houses) 81
Average discounting (houses) 10.93%
The headline works in the 'price point' markets of the Sydney LGA for example with units for example, but see what happens to houses!!!
UNITS
Auction clearance rate (units, adjusted) 62.3%
Average days on market (units) 74
Average discounting (units) 6.12%
HOUSES
Auction clearance rate (houses, adjusted) 54.3%
Average days on market (houses) 66
Average discounting (houses) 8.95%
But take a look at the Mosman LGA;
Auction clearance rate (houses, adjusted) 47.7%
Average days on market (houses) 103
Average discounting (houses) 11.64%
Now take a look at the Leichhardt LGA the inner-west darling;
Auction clearance rate (houses, adjusted) 54.4%
Average days on market (houses) 67
Average discounting (houses) 7.47%
Its still a 'Sunny' outlook for buyers, vendors on the other hand should be more strategic with the sale...there is no point in talking the market up but it is sensible to suggest that it was, is and will remain a good time to buy and trade, no one is going to convince property watchers that the market is entering an upturn, this sort of 'claim' just makes buyers more skeptical and keeps them out of the market longer they need to be. Commentators should be encouraging buyers and sellers to make informed purchasing/selling decisions and this is the time where buyers in particular, have the time to do that, no point making them more adversarial and I'm afraid, articles like this are only going to promote the latter...
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