16 Dec 2015 By: Greg Hocking 0 Comment
What are you hoping to find under your Christmas tree this year?
I personally hope to find bundles of new listings ready to come to market in the early New Year. I would also like to see both buyers and vendors in high spirits. We are set to finish 2015 supported by a healthy property market.
Yes, clearance rates rebalanced this spring from the unsustainable levels we saw after the March interest rate cuts. The fact is that when something happens to motivate buyers en masse – in this case, lower mortgage repayments – if this happens before a comparable increase in sellable stock you will see competition for properties spike. That red-hot demand was the catalyst for weekly clearance rates of 75%-80%. Six months later that imbalance started to correct and in November we saw a situation where there were many thousands of properties for sale. According to the Real Estate Institute of Victoria there were 4,835 auctions alone reported over the four weekends of November, of which at least 3,316 sold. The monthly clearance rate averaged 67%. That’s an incredible result given that enormous volume of stock.
Correctly priced and nicely presented properties will always sell (often far beyond vendor wishes).
If you are thinking of selling, call us today for an obligation-free appraisal of your property.