Auctions fizzle out for 2018
Very cagey auction activity in Sydney, with a preliminary clearance rate of only 44.5 per cent (more like somewhere in the thirties come final).
The median auction price of a sold house was well down from a year earlier at $1,285,000, reflecting reduced borrowing capacity (mainly for investors rather than homebuyers).
For units the median price of property sold at auction was up from $900,000 a year earlier to $940,250.
But still very muted activity levels overall.
Melbourne's clearance rate is also now well under 50 per cent.
ALP in the ascendancy
With the Coalition roundly punished by the electorate in the Wentworth by-election for their machinations and tanking to a minority government in the process, property market participants will need to weigh up the potential impacts of changes to negative gearing legislation.
I'll post an online workshop on this very subject this week, so keep an eye out for that.
