Finance advice
Antony Bucello

What does a lower clearance rate mean for buyers?

By Antony Bucello

Stock levels have gone through the roof over the last month. The REIV released its December Research Bulletin last week and the numbers are something to behold.

Blogger: Antony Bucello, state manager, National Property Buyers

According to the report, Melbourne had a staggering 5,700 auctions over November, averaging a massive 1,425 auctions across the four Saturdays in the month.

The weekend of 28 and 29 November saw a new national record set for the highest number of auctions held – 1,749. Saturday 28 November broke the record for the highest number of auctions on a single day, with 1,648.

Sydney was well and truly in on the action on the 28 November, when 1,065 auctions were listed.

The market has moved to become more balanced overall, which is good news for buyers. Clearance rates reached 67 per cent in Melbourne over November, dipping when compared to the highs of the mid to high 80s recorded earlier in the year. With far more stock to choose from auction crowds tend to thin out, meaning less competition to drive bidding and push the sale price upwards. Months with traditionally more stock such as October and November, and February and March, can be generally more favourable for buyers for this reason.

However, buyers shouldn’t get too complacent during these periods. An increase in stock does assist buyers in spreading the competition, but it also brings an increase of less desirable stock onto the market.

Quantity of stock shouldn’t lull buyers into a false sense of security. Quality of stock is still just as important.

The reality is that highly-regarded property is still very likely to attract significant interest from buyers, and competition will still be strong.

National Property Buyers advocate Rob Di Vita assessed a four-bedroom, one-bathroom home in Murrumbeena for a client. Situated in a good location, Mr Di Vita anticipated the property to reach the vicinity of $1.25 million at the 5 December auction.

The property was announced on the market at $1.25 million and emotional bidding amongst five parties pushed the price up to a touch under $1.37 million – more than Mr Di Vita was willing to pay, and arguably more than the property may have been worth.

Late Saturday afternoon, Mr Di Vita discovered another property that his client had significant interest in, located just around the corner from the property that was missed earlier.

The property had passed in and immediately attracted interest from under bidders who had missed out on other properties. Submitting an unconditional offer to the selling agent on Monday afternoon, Mr Di Vita successfully secured the property for $1.203 million.

As this example illustrates, just because there is more stock on the market doesn’t mean there will be thinner competition at auction. It also shows there can still be competition to pick up passed in properties.

On the weekend of the 5 December, there were 1,447 auctions listed with a clearance rate of 63 per cent, according to Domain data.

Looking at the stock numbers and lower clearance rate would suggest buyers could be in with a stronger chance of getting their desired property. But that isn’t necessarily the case.

Buyers should still do as much research as they can on the property or properties they wish to purchase in order to anticipate what the market might do on the day. There can be surprises of course, but being armed with the research and expert insight will only serve to assist buyers and prepare them for auction day.

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About the Blogger

Antony Bucello

Antony Bucello

A Licensed Estate Agent and a member of the Real Estate Institute of Victoria, Antony has a passion for property and has bought for both investors and homebuyers all over Melbourne, ranging from $300,000 to multi-million dollar properties. He commenced with National Property Buyers in 2011 as State Manager and Officer in Effective Control.

His meticulous approach and sound negotiation skills ensures he leaves no stone unturned in his quest to purchase the right property at the right price. With his extensive knowledge, vast network of contacts and overall determination, he is able to achieve the best possible results for his clients.

FROM THE WEB

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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