17 Mar 2015 By: Greg Hocking 0 Comment
The property market wasted no time picking up where it left off before the long weekend, with last week’s 939 auctions reported to the REIV returning a clearance rate of 78 per cent. Melbourne’s western suburbs led the charge with 170 homes auctioned, followed by the inner-south with 153.
The momentum within the market has spurred Domain Group to predict median house prices will increase by as much as 5 per cent over the year “with the autumn season likely to produce the best results.” Similarly, ANZ has tipped house prices to grow by 4 per cent.
That’s even more reason for sellers to dust off their auction plans and get started. Buyers are hungry for new listings and the competition we’re seeing among purchasers is strong. With the clearance rate reflecting three out of four properties are achieving a sale under the hammer, Robert Larocca from CoreLogic RP Data noted this week that “the market is favouring vendors.”
The lead up to Easter is going to be busy, culminating in a Super Saturday on March 28 that will see more than 1300 properties go to auction.
Don’t let the positive market conditions pass you by. Kick start your autumn sales campaign by calling us today.