11 May 2016 By: Greg Hocking 0 Comment
What an action-packed week it’s been for the property market.
Wild winds, an interest rate cut and a much anticipated Federal Budget set the scene for what results show was another bumper weekend of auction sales.
As I write this report I see 1,135 Melbourne property auctions were booked for May’s first full weekend – up from 1,072 auctions for the corresponding week last year – of which a whopping 71.2% rendered a sale result for their vendors, according to national data provider CoreLogic RP Data.
State real estate peak body, the Real Estate Institute of Victoria, puts the clearance rate a little higher at 73%.
That’s a wonderful result for all those vendors who put their faith in the strength of this market to deliver robust sales in the final weeks of autumn.
Such strong results reconfirm to my team local buyer appetite for metropolitan real estate is unsated and there is still untapped demand for good quality, accurately prices properties right across our suburbs.
Buyers are motivated and ready to invest in our city’s property market because they can see its intrinsic long-term value.
And as our population size continues to grow every day and this week’s news that lender interest rates will fall, the community is only further incentivised to act now and capitalise on Interest rates reaching a new historic low.
There has never been a more favourable time to upgrade, downsize or purchase a rental property than is currently on offer.
Call us today if you would like more information on the market outlook for your property.