Property market returns to top speed post-cup

Property market returns to top speed post-cup

10 Nov 2015 By: Greg Hocking 0 Comment

Melbourne’s real estate market returned to full throttle this week.

An impressive 1,262 auctions were booked for the weekend just gone, according to national data provider CoreLogic RP Data. That’s about 100 more than the same week last year, which just goes to show the affect that having barely one week at half-pace (due to the Melbourne Racing Carnival) has on a market as upbeat as ours. You can’t restrain stock – even temporarily for a horse race – without seeing a huge spike of sales the next week.

Vendors are understandably very eager to list their properties for public auction or private sale before 2015’s Christmas break. We are often seeing five or more buyers competitively bidding at weekend auctions. Many sellers who want to upgrade or downgrade their assets are noting this unbridled demand and liquidating their assets for often premium prices.

And it seems the Reserve Bank’s decision to leave the federal cash rate on hold at 2% on Melbourne Cup Day was just the encouragement some buyers and sellers needed to target their real estate goals before year’s end.

If you’ve spent time in a shopping centre this week, you will know the clock is ticking. Jingle bells will ring in less than 50 sleeps.

If you want to sell before 2016 is nigh, call today for an obligation-free chat.

GH headshot blue tie high res2

Greg Hocking

Leave a comment