Auction clearance rates have held firm at 70.8 per cent, in a sign the property market is shifting to the middle ground between buyers and sellers, as increased auction volumes temper vendor dominance.
“Final results are revealing a market that is in balance, slightly favouring sellers,” Mr Christopher said, noting a balanced market occurs when preliminary clearance rates fall between 60 and 70 per cent.CoreLogic results show the preliminary clearance rate for combined capitals was slightly up on last week, with 70.8 per cent of 2411 homes cleared at auction,In Sydney, a 74.2 per cent preliminary clearance rate was up on last week’s 72.
“It’s not a runaway result, there is caution in the market, and people are definitely feeling the uncertainty. That will be reflected in results moving forward,” Ms Bloom said.“Everyone is feeling the heaviness of what is going on, so I think it’s a brave vendor that will now go to the open market.”, the resulting inflationary pressures could encourage the RBA to hike interests rates on November 7.