23 Aug 2016 By: Greg Hocking 0 Comment
Need more signs the real estate market is going gangbusters?
Here’s one: 21.8% of houses sold in Melbourne in June fetched more than $1 million compared to 4% a decade ago.
CoreLogic published its Property Pulse this week and I was rapt to see our city performing so strongly on a national scale.
According to the report, 6.7% of all unit sales surpassed seven-figures in June; up from 1.9% in June 2006.
Excluding Sydney, our figures stand head and shoulders above all other capital cities in Australia.
When you consider every single sale across the country during June you learn 14% of those sales achieved $1 million or more (houses) and 7.3% (units).
Melbourne’s latest clearance rates, at or above 80% of all auctions, continue to put upwards pressure on local properties’ sale prices so I’d be very surprised if we don’t see this trend emerge in data reports still to come this year.
This weekend 735 auctions are scheduled, up from last week’s 604 auctions, which produced about 80% clearance – and lots of very happy vendors.
My team tells me buyers are extremely motivated to secure properties they can settle in spring.
Still waiting on final figures but expect to see another strong weekend clearance of stock including many big sale results.
After all, $1 million is not far from becoming the going rate for the lion’s share of quality real estate.
Call us today for an appraisal of your property or to discuss current market conditions.