Sydney`s auction liquidation rate fell to 44% this weekend (real estate website Realestate)
The closing rate at the Sydney weekend auction fell to 44.39 percent, the lowest level in a decade, as potential buyers were distracted by long weekend trips and the Australian Football League (AFL) Finals.
Sydney sold just 380 homes this weekend, down from 800 last week, according to property website Realestate. (Kevin Brogan) (Kevin Brogan), an auction commentator at CoreLogic, a property market research firm, said the liquidation rate at the initial auction was only 44.39 percent, down 14.71 percent from last week, based on the results of a known sale of 223 homes.
"although the current market conditions are still weak, I think the reduction in market participation was originally in the Australian Football League Finals," Brogan said.
The last time it happened was December 14, 2008, when the liquidation rate was 43.6%.
On the workday of this week, many real estate agents were already anticipating the tragic trend of weekend auctions, so they scrambled to take various ways to secure a deal by the end of the week. If the mid-week auction data are included, the Sydney auction liquidation rate rose slightly to 48.0% this week.
At yesterday`s auction, some buyers were still focused on market opportunities, and some reasonably priced properties attracted active competition from buyers.
An estate in (Bondi Junction), Sydney`s Bundy Center, attracted five buyers to sign up for the auction, with a final deal price exceeding the retention price by A $ five hundred thousand. At the same time, a two-family hut in (Crows Nest) was traded for A $ two hundred thousand in excess of the retention price.
