Record cold can’t cool Melbourne homes market

Record cold can’t cool Melbourne homes market

21 Jul 2015 By: Greg Hocking 0 Comment

How are you surviving this year’s much discussed Antarctic Vortex?

If you were up early on Sunday morning you may even have seen the thick frost on parked cars and know the city just recorded its coldest morning in almost 18 years, 0.8 degree at 6.49am, according to the Bureau of Meteorology.

Am I here to talk about the weather? No. But if I may borrow the theme there is one persistently warm ray of sunshine in our streets and it is the property market, still full of life and lively bidding, polar vortex or not.

A robust 77.4% of auctioned Melbourne homes sold under the hammer last week, reports CoreLogic RP Data. Local homeowners have good reason to feel confident about market selling conditions this winter, in fact many clearly do: latest figures show 7,668 homes were listed for sale in the four weeks to July 12, which is a rise of 15.7% year-on-year.

Does this mean we should feel concerned about oversupply? No. Demand from all buyer markets in this historically low interest rate era is fuelling unstoppable thirst for property with no end in sight. In fact when you dig deeper into latest figures, on July 12 there were a total of 26,987 homes for sale in Melbourne. That’s about 11% less than a year ago. With overall stock for sale decreasing and buyers motivated, correctly priced homes in prime locations are genuine hot spots in our icy streets.

If you want to discuss long-range property market forecasts, call today for an obligation-free chat.

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Greg Hocking

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