16 Apr 2014 By: Greg Hocking 0 Comment
Melbourne’s property market has delivered an exceptional performance in the first quarter of the year with record numbers of properties changing hands. Around 8,700 properties in metropolitan Melbourne were auctioned over the last 11 weeks. The term ‘Super Saturday’, traditionally reserved for weekends that host more than 1,000 auctions, has been made somewhat redundant with seven weekends tipping over the Super Saturday threshold already this year.
Despite such high volumes of stock moving through the market, the clearance rate has been rock solid, holding at or around 70 per cent which is testament to the unrelenting buyer demand.
That demand is coming from not only owner occupiers but also investors who are taking advantage of low interest rates to expand their property portfolio. Quality properties in good locations are highly sought after by a broad cross-section of buyers right now that includes families, downsizers, couples and singles.
While the frenetic market pace will slow over the Easter long weekend, the market is in great shape. If it’s time for your next property move, contact us today.
Enjoy the Easter break.