Property market delivers a standout performance

Property market delivers a standout performance

12 Jul 2016 By: Greg Hocking 0 Comment

As I sit down to write this market report I am reminded of a Bill Murray movie from the 1990s called Groundhog Day.

Last weekend Australia found itself in an excruciating replay loop as we faced the prospect of a hung parliament after polling booths had shut at 6pm on July 2 after the longest federal campaign in half a century and still, a whole week later, votes were counted across the country.

By the time I’d completed this blog news had broke; the opposition leader Bill Shorten had conceded.

And after eight days of uncertainty, confusion and repetition, the incumbent government could finally breathe out.

It had the most votes, which means it can continue to lead the country (albeit with a wafer-thin margin).

But while the biggest political drama of recent memory has finally reached a climax, I am pleased to report there is a decisive and happy ending to this week’s property market performance.

Despite the ongoing saga of deciding our leaders for another three years, motivated real estate buyers pushed the auction clearance rate to 71.9% this weekend, according to CoreLogic, higher than any time in the past five weeks and based on more than 600 listed public auctions.

Real estate’s demand “groundswell” must go on – and it has.

And it will continue for many seasons to come no matter whose name is up in lights.

If your stage is set for a property sale in 2016, call us today for an obligation-free appraisal.

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Greg Hocking

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