Auction Snapshot | 8 & 9 June
Fewer properties were scheduled for auction over the Queen’s Birthday long weekend, temporarily hampering the improving trend in auction results over the last few weeks.
Reaching a clearance rate of 62% following subdued activity on Saturday, some agents believe the market has undergone an interesting transformation this year. ‘The observation of the market is that the buyers have come back but there are no sellers. It’s gone from one extreme to the other.’
Following a historic decision from the Reserve Bank to cut interest rates to 1.25% last week, Domain Economist, Trent Wiltshire, says its likely that the RBA will again reduce rates later this year, with talks that interest rates could be cut down to 1% by Christmas. ‘It’s likely to give the market a bit of a boost and contribute to Melbourne and Sydney house prices stabilising,’ he said.
Results. It’s a Fletchers thing.
Tim Heavyside 