Well it’s now official the sky hasn’t fallen the Chicken Little’s in the media were wrong again, which never surprises me but seems to surprise others.

A clearance rate of 79% was achieved on the weekend.

Whilst we are still seeing very low auction numbers with only 443 auctions being conducted it is hard to ignore the consistency in the market and maybe just maybe we have to get used to low auction numbers as the population keeps growing but we don’t have an infinite amount of properties to sell so eventually the market has to shrink.

Combine the previous point with the fact that stamp duty is a huge expense specially in the home buyer market a lot more people are choosing to renovate and extend rather than relocate.

What this does is reduce the amount of available property to sell and thus tighten the market to the point where demand starts to out strip supply and will force prices up much to the dismay of the media and so called experts who would much prefer carnage in the streets to help sell newspapers and more to fit their narrative.

Remember they are not there to give you advice they are there to sell newspapers.