18 Mar 2014 By: Greg Hocking 0 Comment
Melbourne’s auction market continues to maintain a strong pace with the REIV reporting 3,500 homes have sold under the hammer already this year. The consistently good clearance rates, spurred by solid buyer demand, have prompted increasing numbers of sellers to choose auctions over private sales.
We’re seeing a pronounced knock-on effect with buyer demand expanding into new hotspots adjacent to traditionally in-demand areas where climbing prices have left many buyers empty handed on auction day. Rather than giving up their search, these buyers are turning their attention to neighbouring suburbs where they can still enjoy the same lifestyle benefits and often the same access to schools, transport and amenities, but with a more affordable price tag.
The knock-on effect has also helped a growing contingent of sellers use renewed buyer interest in their neighbourhood to their advantage by selling and then upgrading.
The coming weekend looks set to be yet another high volume one with more than 1,100 properties scheduled for auction. All indications suggest we’ll see similarly strong market conditions take us all the way through to Easter.
If you’re contemplating the sale of your property this autumn, contact our experienced team for a no-obligation chat about how we can help you achieve the very best result.