1 Jul 2015 By: Greg Hocking 0 Comment
You’d be forgiven for thinking summer never ended in the real estate market of 2015.
As the 2014/2015 financial year winds to its end this week, Melbourne will start its next financial year posting extremely strong auction clearance figures and home sales results.
According to preliminary figures from CoreLogic RP Data, Australia’s biggest auction market – Melbourne – hosted 974 auctions in the week ending June 21. Of those auctions, a whopping 78.5% of properties sold and while both auction numbers and the stock clearances were slightly down on the previous week’s the 1,084 auctions and 79.3% figures respectively, they were substantially higher than the same week a year ago when only 68.3% of properties taken to auction sold under the hammer.
What this means is the market cannot get enough housing stock and is prepared to compete for quality stock, often resulting in record high prices. Current low interest rates have given buyers confidence and many are highly motivated to buy and often at any cost.
So if you are considering listing your property this year, the good news is this market shows no sign of cooling. Prospective homeowners and investors show great willingness to contend with Melbourne’s darker, colder days, inspect properties, attend auctions and, hopefully, secure a prized real estate asset.
Call us today to find out how you can capitalise on buyers’ unsated demand for homes this winter.