Clearances Confirm Confidence

Clearance rates in the early weeks of 2020 have
been higher than a year ago, confirming the revival
in buyer confidence seen in the latter part of 2019.
Domain senior research analyst Nicola Powell
says: “The market is starting to kick back into gear
and we’ll begin to see lots of new listings come on
between now and Easter.

“Last weekend’s clearance rates really illustrate the
confidence that has come back into the market.”

Powell says lending conditions were tight and there
was an oversupply of stock 12 months ago, but a
marked improvement in conditions has encouraged
buyers to return to auctions.

“Last year, there were fewer buyers in the market,
it was harder to get a loan and we were seeing an
elevation of stock,” she says.

The latest clearance results include 83% in Canberra
(compared to 52% for the same time last year); 80%
in Sydney (57% a year ago); 74% in Melbourne (56%
a year ago); 60% in Adelaide (52% a year ago); and
37% in Brisbane (21% a year ago).