MARKET FORCES BLAST AUCTION CLEARANCES SKY HIGH

MARKET FORCES BLAST AUCTION CLEARANCES SKY HIGH

11 Oct 2016 By: Greg Hocking 0 Comment

Mother Nature puts economics in perspective.

According to the Bureau of Meteorology, Sunday’s gale forces were expected to be stronger and more relentless than any other since 2011; up to 120kmph in parts of Melbourne, from what I read.

Now I am no weather expert but even a weathered bloke like me knows your heart races leaning into those gushes of northerly blasts coming off Australia’s interior.

Yes, Melburnians are hardy souls when it comes to our weather; not easily ruffled as proven again by the loyal turnout for Sunday’s Around the Bay cycle event.

Even fearsome squalls won’t stop us.

But Mother Nature’s sheer power does put things in perspective and if you are a buyer currently pummelled by Melbourne’s property market, maybe you’ll find some comfort in that thought.

The property market is experiencing stronger than average demand for its listings right now.

This will feel like extreme head winds to anyone trying to buy.

Stock for sale is tight. There is not enough for sale to meet demand.

This imbalance is creating market forces and sale results not seen since the 2009/2010 peak.

On Saturday listing numbers surged back to 1,110 after the small numbers of the AFL Grand Final weekend.

But the scale of interest in Melbourne’s housing market from both locals and newly arrived residents still reached a massive 81.2% clearance, CoreLogic figures show. That blows me away.

Spring has been a rollercoaster of wild weather and property results. Batten down the hatches and, if selling, enjoy the ride.

If you would like a property market forecast, call today for an obligation-free appraisal.

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Greg Hocking

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