7 Nov 2016 By: Greg Hocking 0 Comment
Last week I claimed a “fast finish” was afoot in the final weeks of the Melbourne real estate selling season for 2016.
Well this week’s industry figures have once again confirmed my prediction. Across the city there were 929 residential auctions during the week ending November 6, according to data collection company CoreLogic, of which a cracking 80.5% sold.
That is more than four in every five.
To put this in perspective, if we look at the same week of 2015 (which was thumping by anyone’s measure) the market recorded a 69% clearance of 1,204 listed properties.
As you can see, independent evidence shows we are currently experiencing incredible conditions for selling property at premium prices and, critically, there is nothing pointing to an abrupt end to this trend.
It really could push deep into 2017 and beyond.
But don’t just take my word for it. Drill into what is fuelling this trend and you will understand why the outlook is so bright.
Simple economics is the short answer. Melbourne is gripped by a chronic shortfall of listed properties. It just cannot meet buyers’ insatiable demand for good housing.
Jump back a further step and we can see this heightened demand is caused by macro factors including a growing state population base, a strong local economy, jobs growth and our unbeatable Melbourne lifestyle. Add in historically low interest rates, it’s a volatile mix.
If you are thinking of selling during this period of consistently excellent conditions, you are making a wise decision.
Now brace yourself. There is only six weekends before Christmas!
Call our team today if you would like advice on how to appraise and sell your home this summer.