Selling Taking Longer
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What clearance rate trends are being introduced at the start of the episode?
It's The Real Estate Podcast across every state, city and town of Australia.
And welcome to another episode of The Real Estate Podcast, available on iHeartRadio every morning, also on Spotify and Apple or wherever you get your podcasts from. And it's a Thursday, the 14th day of July already for 2022. Tomorrow, Friday, then we're back into another weekend, another busy weekend too. Coming up in just a moment, we are talking clearance rates or rather continuing to talk about them. A lot of markets, not only in Australia, but right around the world have seen the clearance rates head south and a lot of countries are below 40%. Here in Australia, we now have a lot of markets around that 50% mark. So we're going to be this morning taking a look at the Canberra region and talking with a couple of agents from different real estate companies to give us a sense of what is happening in Canberra's clearance rates, which have taken a bit of a tumble and a dive.
So that is all coming up this morning.
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Well, one of the existing problems in the current market is showing that while in many cases there's plenty of interest on auction days, but during the actual marketing of the property, there is a decline in buyer inquiries. And to gauge that new reality, you only have to look at each Saturday with the number of properties that are being handed in right now. And they didn't sell. However, many of these properties are still being able to be closed post-office. And that's one of the key drivers that has changed for now. Gone are the days of widespread auctions closing under the hammer.
How do national clearance rates compare and why are markets heading south?
It's an adapting, changing environment and those vendors especially who are moving with the current market will be able to sell with both confidence clarity on the market restrictions and being pragmatic. And I hate using that word pragmatic. It's an overused word, but it's so applicable in this current set of circumstances. So let's bring in a real estate agent who was busy last weekend, Samuel Thompson from LJ Hooker. And good morning, Samuel. Welcome to the Breakfast Podcast.
Good morning, Craig. Thank you for having me.
Great to have you on. So Canberra is a changing market with auction clearance rates falling below 60% for the first time, which was being reported by Domain the other day since April of 2020. And looking at last weekend, you were on the ground there in Canberra with a property that at the beginning of its marketing campaign coincided weeks prior to with the first rate rise. Now how much do you think that was playing into this property that was handed in last weekend?
Yeah, thanks, Craig. It was a great property that we took to the market. And as you said, it did coincide with the first interest rate hike of that 0.5%. And I think what we found during the campaign is the activity at the open homes was just not there compared to what we saw in the previous weeks coming off the height of end of last year and early this year. Throughout the four-week campaign, we only had 12 groups through the property.
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