Have the buyers left the building?
Local Sunshine Coast agents are reporting a downturn in Buyer inquiries and low attendance to Open Homes.
Over the past 20 years in real estate November has always been a very slow month, for no rhyme or reason, but this year the slowdown has started early.
A quick look at last weekends Auction results, of the 11 reported Auctions 10 were passed in and 1 withdrawn. This was from Noosa to Buddina and over a range of price points.
Brisbane has reported that through most of 2018 the percentage of SOLD BEFORE auction clearance rate was 5%, but in the last month it has risen to 14%.
As buyers are having trouble getting funds and vendors realizing that's a real problem, they are likely to take a cash unconditional buyer if presented prior, rather than risk going to auction.
The latest Core Logic report for the last quarter shows the lowest number volume of homes taken to auction across all capital cities AND the lowest clearance rate since December quarter 2012.