Big start to the spring property game this week

Big start to the spring property game this week

7 Sep 2016 By: Greg Hocking 0 Comment

Spring sprang to life this week with more bounce than an AFL throw in.

Everyone was celebrating the arrival of September – the official start of the spring season – with its promise of warmer days and more sunlight and property listings across Melbourne.

Buyers will know only too well, it has been a tough winter from a new stock perspective.

Demand for housing is so high right now virtually everything that reaches the market is selling in less than a month.

ABS data shows our city’s population growing quicker than any other location in Australia, attracted to Victoria’s strong economy, jobs and lifestyle. Record low interest rates add more fuel to this demand.

Latest industry feedback confirms spring buyers are competing with increasing vigour, bidding up prices to secure purchases ahead of few listings over the Grand Final long weekend, Friday September 30 to Sunday October 2.

According to CoreLogic, 79.3% of Melbourne’s 826 scheduled auctions this week rendered sales, up from 77.4% last week, and higher than any other weekend in 2016.

It was the ninth week in a row Melbourne has posted a clearance of 70% or higher and, to put this in an annual context, a year ago the figure was 75.1%.

Similarly, the Real Estate Institute of Victoria is putting the weekend’s auction clearance at 78%.

As vendors and buyers face off on the property field, it is clear which side is top form this season.

Call our team today to discuss the value of your property to prospective buyers.

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Greg Hocking

 

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