Munro Donen

Craig, interesting question.

Definitely seeing more stability within the eastern suburbs, especially the eastern beaches, and for more A-grade property in prime locations.

I don't see a market correcting radically in our patch.

Most of the correction we have seen actually take place over the last six months.

The markets are pretty patchy, depending on the areas you're looking at.

Currently, there's a 50%, circa 50% clearance rate.

However, another 15% to 20% of the inventory is sold within a few weeks after auction.

Technically, looking at a 65% to 70% sold within weeks.

This is not really a collapsing market, in my opinion.

That's a very interesting question.

And believe it or not, there actually are a few and I've got a few examples for you.

And as I said before, we're looking at markets within markets and it is a little bit patchy depending on the areas.

Certain property is selling very quickly pre-auction as people are still scared of losing out and are prepared to pay a premium where there is low supply of product.

I'll give you a couple of examples based on that.

A property in Coogee, guiding $3 million last week, within three days of opening, sold for $3.6 million pre-auction.

I went to the first open and I could not believe the amount of people falling over each other with a 20% premium.

Knowing this agent pretty well, he doesn't underquote.

He's pretty good on his quoting, so strong demand for that property.

Another example is a semi in Paddington,

which sold about a week ago for just over 5 million.