AUCTION RATES POINTING TO A FAST FINISH IN 2016

AUCTION RATES POINTING TO A FAST FINISH IN 2016

2 Nov 2016 By: Greg Hocking 0 Comment

It is Melbourne Cup week 2016, a time when most of us try to pick a winner (in a sweepstake, if nothing else).

But I have to say, if you have been current vendor or hope to be a vendor this year, you have already backed a winner.

Because this year just won’t ease up, with week after week of reported strong buying form.

Last week’s results are final; a gigantic 1,377 auctions were scheduled across the city, of which 80.6% sold, according to CoreLogic data.

This weekend was a quieter week because ‘the race that stops the nation’ always pulls the reins on listing numbers. Property owners, quite understandably, prefer to wait another week so prospective buyers going away for long weekend breaks can return… chequebooks at the ready.

Still a reasonable amount of real estate – about 563 individual listings to be precise – is booked for auction sale this weekend.

My hunch is the vast majority will again find enthusiastic buyers; such is the level of demand for Melbourne property right now.

Expect auction numbers to shoot back to more than 1,000 over the weekend of November 5-6.

And with less than a month to go until Victoria’s official summer season begins, my money is on a lightning fast finish in the rush to buy before the six-week New Year auction break.

 

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Greg Hocking

 

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