Sydney has now recorded its fourth consecutive week of auction clearance rates under 80% with November recording an average weekly clearance rate of “just” 75.8%.

Since June the property market has been running hot. However, with the sheer number of properties for sale (last weekend saw 1,000+ properties go under the hammer) We’re finally seeing some long-awaited dissipation of the market heat. With the year drawing to a close many vendors who have left the preparation of their properties to the last minute are now rushing to list their properties for sale hoping to take advantage of the heated market conditions. However, the number of active buyers has not increased with the influx of properties and now, in many areas, some buyers are spoilt for choice.

While the more desirable properties are still being hotly contested, there are many that are failing to sell at the original hopes of the vendors and their agents and this is evidenced in the increased number of properties passed in, sold after auction plus those failing altogether to sell.

NOV auc graph

Another indication that the unseasonal spike in stock volume is undermining sales figures is in the number of properties being sold prior to auction. This is quite unusual since, for so long, optimistic vendors and bolshie agents have almost exclusively pushed campaigns through to auction day – and to great success.

Now. a significant number of vendors are showing a willingness to take the “bird in the hand” option and lock in a buyer prior to the extended holiday break. Again, this is in stark contrast to the majority of 2014 wherein vendors were happy to let their campaign run through to auction, knowing they’d have good numbers show up to compete on the day.

If you’re in the market to buy and are willing to hold your nerve, now might be a great time to put in a cheeky pre-Christmas offer with some attractive terms.

You never know, they may just take it…

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