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FOMO reflect buyer urgency

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Buyers' demand will be tested as supply remains low for houses on auction.

Auction Update The Wrap airs every Monday at 12:30 pm UTC +11, LIVE on Facebook, Twitter and YouTube.

There were 2,599 homes taken to auction across the combined capital cities this week, returning a preliminary auction clearance rate of 72.9 per cent.

Over the next few weeks we will see the depth of buyer demand tested, with an increase in the number of properties taken to auction.

Next week we are expecting auction numbers to lift by around 14%, to be the biggest week of auctions held so far this year.

Clearance rates across the largest cities have mostly remained above 70% since July, implying that vendors remain in a strong selling position.

With advertised supply remaining low and buyer demand rising, FOMO has once again becoming a factor in the market as buyers sense some urgency to buy before prices rise further.

With auction volumes set to rise, it will be important to see whether clearance rates can hold up under the increased level of supply being brought to market over the coming weeks.

Get a full rundown of results in all the capitals.  Also a look inside the top sales in Sydney, Melbourne, Adelaide, Brisbane, Canberra and Perth.   Kevin Turner presents the latest results from Core Logic.

Tags :

FOMO auction bidding home home buyer property real estate

Release Date:

25 November, 2019