Market Review, June 2014
6 Jun 2014
By: Bruce Warburton
Melbourne’s property market has experienced unprecedented levels of activity in the first half of 2014. Strong and consistent demand from buyers has meant that sellers have enjoyed competitive bidding at auction and very positive sales results.
Here is a quick review of market results so far this year:
- Consistent price growth since June last year has pushed median prices 4.7 per cent above previous market peaks. Melbourne’s prices were up 5.4 per cent in the first quarter according to RP Data.
- The first quarter of 2014 was the busiest time for auctions in Melbourne’s history with a record number of properties going under the hammer. Already we’ve had nine weekends where the number of auctions has exceeded 1000.
- Despite the high volumes, clearance rates are healthy, consistently hitting the 70 per cent mark.
- ABS data confirms investor activity has increased as loans for investment purposes rise.
- Buyer confidence is high, buoyed by continuing record low interest rates which analysts predict will remain steady.
At Greg Hocking we’ve achieved some outstanding results for our sellers in the first half of the year. Our increasing market share is testament to the experience of our team and our modern sales approach. If you’re contemplating selling and would like to see a report of our recent sales in the local area contact one of our property professionals today.