Transactions smoked
Far fewer vendors are listing for auction now in Sydney and Melbourne.
And plenty of those campaigns are being withdrawn.
The sales that did make it under the hammer did so at a higher median price than a year ago, especially for units.
Source: Domain
But glance if you will at the volume of transactions and the dollar value of real estate sold - obliterated.
Only around 4-5 auctions out of every 10 are now seeing a positive result at hammer time.
And it's not just auction volumes that are down.
CoreLogic statistics show that new listings in Sydney on a rolling 28-days basis are tracking at the lowest level across their data series, spanning 7 years (and that's even before accounting for substantial population growth).
Alas, all that stamp duty foregone!
