Autumn auction clearance rates hotter than 2015

Autumn auction clearance rates hotter than 2015

8 Mar 2016 By: Greg Hocking 0 Comment

How are you enjoying this endless summer?

Yes, I know autumn has officially arrived but this past week’s balmy temperatures have been more akin to perfect summer days than the third month of the calendar year.

I love Indian summers for a couple of reasons.

Firstly, it is nice to still be wearing light clothes and exercising after work during warm twilight hours.

But, more importantly, longer summers also bring bigger crowds out to weekend auctions and open house inspections.

More people will translate into more property sales and bigger prices.

And we see this theory in action if we analyse the industry’s most recent weekly sale results.

According to the Real Estate Institute of Victoria, a whopping 1,041 auctions were held in the week ending Sunday, March 6.

Seventy four per cent of those listed properties sold under the hammer, making it one of the city’s strongest seven-day performances of the past 12 months.

On the same weekend last year, albeit with only 318 auctions held, the clearance rate was a very robust 71%.

The overall clearance date for 2016 to date is 75%, which is up 1% on the same period in 2015. Summer may be technically over but Melbourne’s property market is still basking.

If you want to sell while the weather remains warm, call us today for an obligation-free chat.

Greg Hocking head shot 200_200

Greg Hocking

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