No seven-year itch for Melbourne homes’ market

No seven-year itch for Melbourne homes’ market

16 Sep 2015 By: Greg Hocking 0 Comment

Spring 2015 has begun with gusto across Victoria.

Despite a brisk start to the new season, daytime thermostats returned to the high-teens/low-20s this weekend, and the auction season also shows typical Spring-time form.

Auction numbers are higher than last year – 1103 this week compared to 927 a year ago, according to data from CoreLogic RP Data. Auction clearance rates are also a very upbeat 70%-plus and 1,000s of homes are listed to sell under the hammer in September. Based on recent results we expect the vast majority to find buyers who are often prepared to pay above comparable prices of 2014.

It is hard to believe only seven years ago Victoria’s real estate industry was reeling from the global financial crisis, which created a temporary slump in market confidence resulting in weekly clearance rates in their 50s. Tellingly, by November/December of 2008, shell-shocked buyers buoyed by the federal post-GFC $10.4 billion rescue package, were already returning to the market. They did so because they could see the irrefutable value of investing in real estate in Australia’s most liveable city.

And 2015 is an equally excellent time to buy thanks to historically low interest rates and many active buyers.

If you’d like any help preparing your property for sale feel free to call us today for an obligation-free chat.

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Greg Hocking

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