31 May 2016 By: Greg Hocking 0 Comment
Winter is just around the corner but there’s no sign of cooler conditions in our market.
As we prepare to bid farewell to autumn 2016 this week, let’s review the past month in Melbourne real estate.
For starters auction clearance rates have stayed well above 70% since the beginning of May, often closer to 75%.
Both the Real Estate Institute of Victoria and independent statistics company CoreLogic RP Data have recorded the same story over the past four weekends.
More than seven out of every 10 properties taken to auction has sold under auction conditions.
But auction numbers have been far from small.
More than 600 auctions have been conducted every week this month, a sizeable volume of stock needing new homes.
The market has responded with gusto.
Buyers are making it clear they want to capitalise on excellent conditions – historically low interest rates and a growing population base – and purchase real estate this year.
Even the upcoming federal election (and its long-winded campaign) and increasingly icy outdoor temperatures are failing to distract buyers from our open inspections and public street auctions.
They are turning out in their droves, ready and keen to buy.
Autumn is now all-but over; my hunch is winter sale results will keep vendors cosy with unseasonal warmth.
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