7 Dec 2015 By: Greg Hocking 0 Comment
Summer has arrived with its hotter days and nights, BBQ invites and balmy twilights. The spring auction market wrapped with a massive 1,876 residential auctions across Melbourne suburbs. Vendors, hoping for home sales before the upcoming Christmas season takes priority in buyers’ lives, celebrated a citywide clearance rate of 65.9% in the week ending November 30, according to national data provider CoreLogic RP Data.
December began with further great news. Another bumper week of auctions has just wrapped – 1,600+ as at December 6 – and the preliminary clearance rate is north of 63%. The Reserve Bank held the official cash rate at its historically lowest level in history. What this means is about two out of every three properties is still selling under auction conditions – even with such a record high volume of stock up for sale – and that makes me extremely optimistic about the overall health of Victoria’s biggest property market going into 2016.
Vendors scheduled to auction this fortnight are busy working with their agents to correctly price, present and promote their properties. They can expect a good measure of festive cheer from buyers, who’ll be keen to finish 2015 with a real estate deal secured.
There is nothing like buying property a few sleeps before December 25 to make the season even jollier.
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