Spring hits its stride in local property sales

Spring hits its stride in local property sales

13 Oct 2015 By: Greg Hocking 0 Comment

This week proved beyond doubt that spring 2015 is now in full bloom.

Suburban gardens are dazzling with new blooms and colour. And the Melbourne property market is also dazzling with strong sale prices and clearance volumes.

If we take a national view, according to CoreLogic RP Data Melbourne was the strongest performer of all capital cities this week. It hosted a whopping 1,358 property auctions. An incredible 74.1% of reported auctions produced a sale. This compares favourably to the previous week when 73.1% cleared and last year on the same week when 70% sold at auction.

Unsurprisingly, the region of Melbourne for auctions this week has been the inner suburbs, where 228 auctions of the 259 auction properties have sold. That’s a preliminary clearance rate of 75.8% and certainly bodes well for our vendors who are going to auction this spring, many of whom own houses and apartments in Melbourne’s highly desirable inner suburban ring.

We see some big sale results ahead as keen buyers clamber to secure their bricks and mortar nest-eggs before Christmas.

Statistics show (what we already know) that Melbourne is Australia’s top location for blue-chip property with long-term value growth credentials.

If you are thinking of selling this season, call us today for an obligation-free chat about your property’s value.

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Greg Hocking

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