21 May 2014 By: Greg Hocking 0 Comment
Melbourne’s auction market has delivered great results for sellers this year with multiple bidders contesting the majority of auctions across the city.
Auction volumes have been higher than average with the REIV reporting more than 9,000 homes have been sold at auction to date this year – a significant step up from the same time last year when auction sales for the same period totalled 7,000.
The momentum in the market hasn’t waned in the lead up to winter. In fact, new auction records have been set with more than 2,500 properties going to auction in the closing weekends of May which is in stark contrast to the 1,500 average which is common for this time of year.
The Queen’s Birthday long weekend is just around the corner and that means the end of the financial year is in sight. Many buyers, and particularly investors, will be eager to secure their next property before the calendar hits June 30 so we’re likely to see good competition continue in the weeks ahead.
Demand for quality properties is strong. If you’re contemplating selling in the second half of 2014 contact us today for an obligation-free market appraisal that will help give you a clear idea of your property’s potential value in current market conditions.