April tipped to continue property’s bumper year

April tipped to continue property’s bumper year

6 Apr 2016 By: Greg Hocking 0 Comment

It was no April Fools’ joke.

Last month’s auction market in Melbourne really did move almost 2,200 properties on to new owners and produced a fantastic overall clearance rate of 72%, according to the Real Estate Institute of Victoria.

And that was with two long weekends in the mix, which naturally reduce the number of listings on offer.

On the Easter weekend only 56 auction results were reported to national data collector CoreLogic RP Data, of which 40 sold, producing a 71.4% sale rate.

This weekend, the market returned to a more normal momentum when more than 500 (503) properties faced the auctioneer’s hammer. About 68% sold under after bidding.

Most commentators agree that a shortage of new stock has been a key factor in the market’s performance in 2016.

This, and the concentration of public holidays, has resulted in frustrating and stimulating buyers, which in turn has kept prices strong.

April will include another long weekend over Anzac Day, which will again see a smaller range of auction properties on the market and bigger numbers on the weekends before April 24-25.

This month’s seasonally mild and bright days means you can expect big crowds at open houses and sale days.

Call us today to arrange an obligation-free appraisal of your property this autumn.

Greg Hocking head shot 200_200

Greg Hocking

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