3 Jun 2015 By: Greg Hocking 0 Comment
Winter is here, and while the weather is getting chillier, the property market is anything but.
Buoyed by the record low interest rates, buyer demand hasn’t let up and shows no signs of slowing down in the weeks ahead.
Results have been strong in the inner suburbs all year and we’re seeing many purchasers now looking beyond the inner ring for properties in need of renovation or knock-downs which will make way for their dream home.
Last weekend was a big weekend for auctions across Melbourne. The Domain Group has reported a clearance rate of 83 per cent and says if current competition continues, house prices in Melbourne will have risen 25 per cent between 2013 and the end of 2015.
This year alone, Domain expects the market will achieve city-wide price growth of between 5 and 7 per cent, with prices in the inner suburbs rising by at least 10 per cent.
These favourable conditions are sure to attract many vendors who are ready to make the most of the surging buyer competition and get their sales campaign started before the spring crush.
Buying, selling or investing? Call our local specialists to hear how market conditions are playing out in your area today.