Property market heat turning winter on its head

Property market heat turning winter on its head

4 Aug 2016 By: Greg Hocking 0 Comment

Winter just keeps getting hotter and hotter for Melbourne’s property market.

If last Sunday’s mild and sunny conditions are anything to go by, springtime may not be too far away.

If you’re thinking of selling in spring 2016 it is definitely time to start preparing your property for listing.

A review of latest market figures and trends is certainly encouraging reading for current or prospective vendors.

According to CoreLogic, Melbourne hosted 749 auctions in its final week of July and an impressive 75.6% of these properties sold.

That’s a whole 4% stronger than the previous week’s 71.6% based on 572 reported auctions.

The city’s inner suburbs were the busiest sub-region; 141 auctions posting a preliminary clearance rate of 77.1%.

The outer east and inner south were the strongest performing sub regions; 83.6% and 80% respectively.

The industry’s peak body, the Real Estate Institute of Victoria (REIV) reports the week has produced sales worth $395.2 million across the state.

Congratulations to our team for achieving one of the week’s standout sale results, a three-bedroom  house at 32 St Vincent Street Albert Park, which sold for $1.96 million under the hammer on Saturday.

Call today for an obligation-free appraisal of your property if you want to sell this season.

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Greg Hocking

 

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