3 Mar 2015 By: Greg Hocking 0 Comment
The calendar may have officially tipped into autumn, but last weekend’s auction activity had lost none of the summer sizzle.
Of the 1275 auctions reported to the REIV, 1002 achieved a sale which gives us a very healthy clearance rate of 79 per cent. It was the first Super Saturday of the year, helped in part by the upcoming Labour Day long weekend when the level of activity will be much lower with around 300 auctions scheduled.
All up, around 3000 properties were auctioned during February – a new record for Melbourne’s property market.
Investor activity is surging and not just from traditional investors looking to add to a portfolio. Property Observer last week reported that one in five first time property buyers are purchasing as investors rather than owner occupiers. The figures, sourced from a Mortgage Choice survey of 1000 first home buyers, reflect a pronounced shift in buyer activity.
As we move into autumn which is typically one of the busiest seasons for Melbourne’s property market, we can expect to see plenty of activity from both buyers and sellers.
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