17 Aug 2016 By: Greg Hocking 0 Comment
Buyers are sending a loud and clear message to vendors – give us more stock and we’ll buy it.
Last week in this report I predicted that by Christmas time this year we would be on track to reach auction clearance rates of 80% or higher. That’s huge.
It means four out of every five homeowners who go to market via auction is selling under auction conditions and often achieving outstanding sale prices.
Barely a week on and it appears my forecast was a tad conservative.
Latest results by CoreLogic confirm Melbourne’s real estate market cleared 79.9% of 604 listed properties in the seven days to August 14.
That figure rises to a whopping 81% based on results reported to the industry peak body, the Real Estate Institute of Victoria.
Given homeowners and investors have had another full week to digest the news of August 2 that the Reserve Bank has reduced the cash rate to its lowest level on record – just 1.5% – they tell my team they are highly motivated to buy now with mortgage interest rates as low as 3.49%, according to comparison site Finder.
Who can blame them?
These conditions are never before seen and the only thing stopping us seeing more sales this season is a fundamental lack of properties on market.
With spring 2016 now just around the corner, don’t delay if thinking of preparing for a warmer weather sale.
Call us today if you would like an obligation-free appraisal of your property.