Industry just posted one of year’s hottest weeks

Industry just posted one of year’s hottest weeks

26 Jul 2016 By: Greg Hocking 0 Comment

Did you see the auction clearance rate last week?

In the week spanning July 14 to July 21 Melbourne witnessed a solid 667 residential property auctions and returned a whopping 76.1% sale rate.

Almost eight out of 10 listings finished the week as unconditional sales – that’s excellent news for all winter vendors.

Again, it just proves what we at Greg Hocking know is true: the myth about going to market in the coldest months is unfounded.

When the temperatures are down – in a hot buying market like ours in 2016 – it makes no difference to how many people want to buy quality property.

In fact, because listings tend to be fewer than in warmer months, demand is heightened.

Less supply of properties for sale simply means more buyers competing for every listing (and that often results in above-reserve prices).

According to CoreLogic, Melbourne’s inner south produced the highest clearance rate; 82.4% of the 80 auctions recorded ended in sold signs.

Even hotter was our city’s west where 86.2% of 94 reported auctions sold last week.

That is brilliant news for any of our vendors or prospective vendors considering listing with our newest agency in Pier Street, Altona but also our agencies in Werribee and Tarneit.

Call our team today if you’d like help preparing your property for red-hot sale this winter.

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Greg Hocking

 

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