as strong as they were before when we started to see this surge in new listings coming on the market,” CoreLogic research director Tim Lawless said. “There is more stock to choose from: buyers have more choice, less urgency. There are other things playing on confidence as well – the move toward higher interest rates and the uncertainty related to omicron.”
He noted that most homeowners are motivated to sell when they see a significant capital growth in their property, and also when the market is expected to slow further through the year. “We’re probably seeing some rebalancing between buyers and sellers. It’s great news for buyers, they’ve finally had a little bit of the fade of this FOMO that’s been going on for so long and maybe more opportunity to deliberate on their purchases and negotiate,” he added.
CoreLogic’s data shows that Melbourne was the busiest market in the past week, with 64 per cent of the 144 homes listed being sold at auction. Sydney, on the hand, had 79 homes taken to auction during the period, and registered a preliminary clearance rate of 58.3 per cent. The highest preliminary auction clearance rate was recorded by Adelaide, at 78 per cent, with 84 auction listings, while in Canberra, it was at 76.2 per cent, with 27 listings, and Brisbane at 76.1 per cent, with 99 listings.
“Every week from now on more stock will come on, and then you’ll find the market will probably come off,” Alexander Phillips, selling agent from PPD Real Estate, said. “It’s supply and demand and they, the vendors, are in the box seat in January.”
