Auction records tumble as market powers on

Auction records tumble as market powers on

8 Oct 2014 By: Greg Hocking 0 Comment

The September quarter has blazed a trail through the Melbourne property market with 8,165 auctions held over the last three months. Newly released data from the REIV shows this surge in auction activity has established a new record that is 15 per cent higher than last year.

Clearance rates have kept pace with the increase – a sign of the strong buyer demand that has characterised the market all year. Demand for residential property in Melbourne is still rising “sharply” according to Australian Property Monitors, helped in part by population growth in Victoria.

With interest rates tipped to remain unchanged for the fourteenth consecutive month, the forecast from many property analysts is for a scorching spring.

October is traditionally a busy month when buyers, sellers and investors all get down to the serious business of furthering their property goals without the distractions of football finals, school holidays or public holidays.

This October will not disappoint, with at least one ‘Super Saturday’ that will see 1000+ properties go under the hammer in one day.

Anyone contemplating selling before the end of the year needs to make their move now. Click here for free market appraisal and get started today.

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Greg Hocking

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