00:01The market isn't just lying down man, it has lost total confidence. I've just
00:07been an hour going over the auction results for the second week in Australia
00:10Australia's preliminary auction clearance rate has come below 50% at 49%
00:14and here's the catch these preliminary numbers are almost always always
00:19revised down by Tuesday we're going to be looking at low 40s maybe even early
00:2430s this is not a healthy auction market but what really grabbed my attention
00:30this week wasn't just the national number it was this increasing pressure of
00:37Sydney and Melbourne every week hitting a new low I mean Sydney recorded its
00:43weakest preliminary auction clearance rate since April 2020 when Australia if you
00:50remember the period it was the total uncertain pandemic Melbourne they
00:57recorded its weakest preliminary auction clearance rate since September 2021
01:04now this was when Daniel Andrews had that place in the sixth lockdown if I can
01:09recall the thing about things at the moment what you got to understand man the
01:16two biggest property markets in Australia Sydney and Melbourne they're
01:20producing auction results that we have not seen since the most uncertain periods
01:26of recent history in Australia that COVID period on top of that vendors are
01:31pulling back there was only 1,700 homes went to auction this weekend you know
01:36that's down on last week and then about 15% hour than this time last year so
01:42since mid-may we're constantly seeing fewer properties come to the auction because
01:46owners are turning around they're feeling uncertain and here's another
01:49statistic more than one in five auctions were withdrawn while over 40% of
01:55the successful auctions happen before auction day sellers are increasingly so
02:01there's a car trying to get through here I'm in Nuffli or in Greece and all
02:04these small little lanes it was one bright spot but Adelaide can't believe it nearly
02:1070% sleepy Adelaide they would have thought it all these years but I'm really worried when
02:19spring comes because there's gonna be an increase in supply I don't know where
02:26there's gonna be an increase in buyers to make that supply and you know what
02:29that means more pressure
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