Supply Is A Trump Card At 2016’S One-Third Mark

Supply Is A Trump Card At 2016’S One-Third Mark

27 Apr 2016 By: Greg Hocking 0 Comment

The final week of April is a fitting time to pause.

Next weekend marks the one-third mark of 2016 and as I review our sales figures and latest industry data, I see strong evidence our energetic local property market is playing a long hand.

Auction clearance for the Anzac Day weekend reached 77% of 462 properties, according to the Real Estate Institute of Victoria. That means almost four out of every five properties taken to public auction achieved a sale, REIV chief executive Enzo Raimondo says.

Twelve months ago on the comparable weekend we saw 82% clearance but it should be remembered there were only 87 auctions over last year’s Anzac Day weekend because the day of remembrance fell on a Saturday, which is traditionally the busiest day of the week for property auctions.

My team says well-located properties near public transport, schools and amenities are selling faster than ever, an observational trend backed up by concrete figures from CoreLogic RP Data.

As April draws to its end, property listings across Melbourne (28,608) are 3.2% less than a year ago, the data collection company reports.

Receding stock volume explains why new property listings are often met with multiple inspection requests from buyers and written offers within days.

The property game is a simple equation based on supply and demand and in 2016, supply is a trump card.

If you want to find out what the buying market is looking for right now, call us today.

Greg Hocking head shot 200_200

Greg Hocking

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