24 Nov 2015 By: Greg Hocking 0 Comment
You’ve got to love this city.
Despite softening investor activity this year caused by finance watchdog APRA’s tougher rules around dwelling investment borrowing, Melbourne continues to top the nation’s residential property market leader board.
Last week it recorded a whopping 1,548 residential housing auctions. That’s 348 more than its closest capital city rival, Sydney, with its 1,200 listed auctions, reported CoreLogic RP Data, and only 130 less than all other capital cities’ auction listings combined (1,678).
More critically, almost 70% of Melbourne properties for sale under the hammer cleared – 69.5% to be precise – making our market Australia’s strongest metropolitan city by a country mile. The national average was 63.8% last week.
Sydney, Brisbane, Canberra, Perth, Adelaide; you can thank the mighty Melbourne for that result.
Drilling further into the data you see the best results in Melbourne’s inner suburbs, where 70.1% of auctioned properties sold, inner south (70.7%), outer east (70.9%) and west (75.2%), and it is not just auctions hogging the limelight. Last week we secured 3,603 private treaty house sales, more than any other capital.
This latest data paints a compelling picture for any homeowner or investor owner thinking of selling this season. In my opinion is there has never been a better time to gain from our market’s unsated demand for quality housing.
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