From where we sit reducing the cash rate seems to be working with a lot more property transactions occurring. The Auction clearance rates on the eastern seaboard have been trending up, here’s a snapshot from Saturday 31st August.
| Sydney | |
| Total Properties | 313 |
| Sold | 266 |
| Withdrawn | 23 |
| % cleared | 79% |
| Total Sales | $232,007,500 |
| Median | $878,000 |
| Melbourne | |
| Total Properties | 249 |
| Sold | 199 |
| Withdrawn | 7 |
| % cleared | 78% |
| Total Sales | $129,742,200 |
| Median | $680,000 |
| Brisbane | |
| Total Properties | 22 |
| Sold | 10 |
| Withdrawn | 4 |
| % cleared | 38% |
| Total Sales | N/A |
| Median | N/A |
It’s interesting to see that Melbourne are running at such a high percentage when we’re hearing in the media that Melbourne is supposed to be flat.
About the Author
Since 2008, David Thomas has built a business aimed at servicing the needs of property investors, owner occupiers and small business owners. David is recognised as one of the top 10 independent mortgage brokerages in the country, David and his team have settled almost billions of dollars worth of residential and investment loans over the last decade.
Known for his straightforward, relatable style, David believes by educating people about property funding; they fare better in the market. By sharing his expertise openly, some of the people he educates will likely become his clients. It's a win-win approach.
David Thomas is a credit representative (Representative Number 506153) of BLSSA Pty Ltd, ACN 117 651 760 (Australian Credit Licence 391237).